ASIC launches action against CommBank

CBA is now the last of Australia’s big four banks to be named in the Australian Securities and Investments Commission’s action over alleged manipulation of the bank bill swap reference rate, or BBSW, with ANZ and NAB having settled cases and Westpac’s matter still before the court.

ASIC alleges that on three occasions in 2012, CBA traded bank bills in an “unconscionable” way that created “an artificial price and a false appearance” of the market for some products.

The court action comes one day after the Commonweath Bank announced that the 42-year-old head of its retail banking division, Matt Comyn, would become the new bank’s new CEO after the departure of Ian Narev.

Matt Comyn was announced as the next CEO of the Commonwealth Bank on Monday. Picture: James Croucher

Matt Comyn was announced as the next CEO of the Commonwealth Bank on Monday. Picture: James CroucherSource:News Corp Australia

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