CBA CIO Michael Harte buys Mediterranean island

Island purchased for conservation research
CBA CIO Michael Harte.

CBA CIO Michael Harte.

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.

Interview: Michael Harte, CIO, Commonwealth Bank

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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