April 2, 2019 / 3:33 AM / in 18 days

UPDATE 1-Ex-Commonwealth Bank CEO Narev joining Australian job portal Seek

(Adds background on Narev)

April 2 (Reuters) - The former chief executive of Commonwealth Bank of Australia (CBA) is returning to corporate life with job search website Seek Ltd after stepping down a year ago from the lender following an unprecedented money-laundering lawsuit.

Seek said on Tuesday that Ian Narev, who was CEO of Australia’s largest bank from 2011 until his retirement last year, is joining Seek as group chief operating officer and chief executive of its Asia Pacific and Americas division later this month.

His tenure as the chief of CBA was overshadowed by a money- laundering lawsuit that resulted in the bank shelling out A$700 million in penalties.

The scandal, among other revelations of banking misconduct by the country’s largest banks, triggered a year-long Royal Commission inquiry into the financial sector that ended in February this year.

In his new role, Narev will work closely with Seek’s CEO and co-founder Andrew Bassat. (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Darren Schuettler and Muralikumar Anantharaman)

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