After a year of discovering who really runs Australia, The Power Index is finally set to reveal the country's fifty most powerful people.
Throughout July, Paul Barry and The Power Index team will be counting down the most influential people in the nation from business, media, politics, sport and culture.
The Power 50 / 2012
Head of business banking and chief executive-elect, Commonwealth Bank of Australia
Born in: Auckland, New Zealand
Home Town: Sydney
Ian Narev is the fresh-faced former child TV star in charge of more than $305 billion worth of mortgages, $668 billion in assets and a huge chunk of the nation’s finances.
He replaced fellow Kiwi Ralph Norris as the boss of the Commonwealth Bank last December, after the buck-toothed computer nerd steered the black and gold behemoth through the GFC and into a strong market position.
And while we’re yet to see any clear indication of Narev’s strategy and whether it will differ from his mentor, all signs point to business as usual.
Like Norris, Narev sees investment in technology as the key to cost-cutting and making the bank more efficient. Unlike Norris, however, Narev doesn't have a long background in banking. Instead, he’s got a Masters in Law from Cambridge and used to be a management consultant like NAB chief Cameron Clyne.
Regardless, it’s understood that the powers-that-be at the CBA were impressed with his work on the takeover of BankWest and in the bank’s business lending department.