The Commonwealth Bank of Australia today acknowledges and supports the Australian Prudential Regulation Authority’s announcement of an independent prudential inquiry. The inquiry, which will focus on governance, culture and accountability frameworks and practices, will have the Bank's full cooperation.

The Chairman of CBA, Catherine Livingstone AO, said: “CBA recognises that events over recent years have weakened the community’s trust in us. We have been working hard to strengthen trust, and will continue to do so. We welcome this opportunity for independent parties to review the work we have already undertaken and advise on what more we can do."

“APRA's oversight of this inquiry will ensure the independence and transparency needed to reassure all our stakeholders."

CBA Chief Executive Officer, Ian Narev said: “We are confident that our 50,000 people come to work each day to give their best, for the benefit of our customers. At the same time, we know that our mistakes have hurt our reputation."

"An independent and transparent view on the work we have done, and the work we still have to do, is an important element of strengthening trust. So this inquiry has our full support, to ensure it is as effective as possible."

CBA also notes APRA's confirmation today that the Bank is well capitalised and financially sound.

Further information can be found in APRA's statement.