Mr Saines joined the group in 2004 and has held several senior executive positions with the institutional banking division, and has been in his current role since 2009, CBA stated.
Announcing the change, CBA chief executive Ian Narev said Mr Saines has significantly reformed the Institutional Banking and Markets business by designing and implementing the Total Capital Solutions strategy. CBA said this makes it “the only universal wholesale bank in the domestic market”.
“We greatly appreciate Ian’s contribution to our institutional segment,” Mr Narev said.
“During the past four years, Ian has been a valued and highly regarded member of the group’s executive committee. Importantly, Ian led the business through the challenging GFC period and through to the most recent financial period where the continued progress of the Total Capital Solutions strategy led to a 10 per cent lift in profits.”
Mr Saines said it would have been an easy decision to stay because his role is “one of the best in Australian banking”. However, “the strength of the business and the outstanding quality of its talent gives me the opportunity at this time to move on to a new phase in my career”.
A replacement has not yet been announced. CBA said it will “continue with its strategic intention to develop globally competitive capabilities and will undertake a global search as well as an assessment of the very strong internal candidate pool”.
