March 7, 2019 / 11:01 PM / 16 days ago

Australia's largest lender says 'significant work still to do' in wake of damaging inquiry

A view of a Commonwealth Bank of Australia branch in Sydney, Australia, April 18, 2018. REUTERS/Edgar Su

(Reuters) - Commonwealth Bank of Australia on Friday flagged the progress of its remedial plan to address the issues raised by a damning financial sector inquiry, but admitted that there was still a lot of work to be done.

In his opening statement before the House of Representatives Standing Committee on Economics - Review of the Four Major Banks, CBA Chief Executive Matt Comyn said that he welcomed the final report of the Royal Commission, and that the bank was working to implement the inquiry’s 76 recommendations.

“Last month, the independent Promontory report showed we are on track with progress to date, but we recognize that we have significant work still to do to deliver our remedial action plan,” Comyn said.

Reporting by Ambar Warrick in Bengaluru; Editing by Lisa Shumaker

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