Australia bank chief 'truly sorry' for financial scandal
Published on Jul 3, 2014 3:51 PM
SYDNEY (AFP) - The head of Australia's biggest bank Thursday said he was "truly sorry" for a major financial scandal in which thousands of people lost their life savings.
Commonwealth Bank chief executive Ian Narev admitted staff at the group's financial arm provided poor advice to customers between 2003 and 2012 that cost many of them dearly.
"To all the customers who received poor advice I apologise unreservedly," he told reporters in Sydney. "We are truly sorry and we acknowledge the financial hardship that you suffered as a result of the poor advice."
His long-awaited apology came a week after a Senate committee report called for a national inquiry into the scandal at the country's biggest listed firm, amid allegations of forgery, fraud and cover-ups.
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