Commonwealth Bank of Australia (CBA) CIO Michael Harte has purchased a private island called Isola Budelli in the Mediterranean for $4.2 million (2.9 million Euros).
Budelli is part of the La Maddalena island group which lies between Sardinia and Corsica.
According to a report in the Australian Financial Review, Harte has permission to rebuild three existing buildings on the island for conservation science research.
The CIO told the New Zealand Herald recently that he liked being involved with a conservation project in Europe.
"My first and most important objective is to preserve the ecology, so both the land-based and the marine-based flora and fauna,” Harte said.
"There are so many parts of the world that are being exploited that there's few opportunities to take a practical and deliberate step to help protect some of these very fragile environments.''
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