SYDNEY (Reuters) -Commonwealth Bank of Australia Chief Executive Matt Comyn will remain at the helm of the country's largest lender for at least the next three years, its chair said on Wednesday, presiding over one of the most expensive banks in the world.

Chairperson Paul O'Malley told the bank's annual meeting in Brisbane the search for the next chief executive would begin after his own next three-year term on the board ends.

O'Malley is standing for re-election at Wednesday's meeting. His next term is due to end in 2028.

"We have been pleased with the performance of Matt as CEO," O'Malley told the meeting.

"Our intention and expectation is that the decision as to the appointment of the next CEO will be made by the board led by my successor as Chair."

Comyn has been chief executive for seven years, meaning at least another three years would take his tenure to a decade.

Australia does not impose time limits on chief executive tenures but typically their terms are between five to seven years. Chairs and chief executives typically do not leave at similar times to ensure company continuity.