SYDNEY, Feb. 8 (Xinhua) -- One of Australia's largest banks, the Commonwealth Bank of Australia (CBA) said they will pay out over 23 million dollars to customers who received poor financial advice.
The payout will see 1,800 customers compensated, with over half already accepting and finalising their compensation payments.
Leif Gamertsfelder, executive general manager at the CBA, said late Tuesday that the bank is now ready to move forward, and is satisfied it has made things right with their customers.
"Our priority now is to work with customers who are considering their assessment outcome - and respond to any queries or address their concerns as soon as possible." Gamertsfelder said.
The review began in 2014, with CBA chief executive Ian Narev ordering its inception, after the bank was exposed to have provided bad advice, following a series of investigative reports and an Australian Senate inquiry.
The CBA will release its half yearly results on Feb. 14.
