The lender is taking its second run at the ASX in under six years
Bank says the transaction “continues the simplification of our business”
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Westpac has announced that it will be combining the leadership of its consumer and business divisions into a single consumer and business banking division.
Peter King, chief executive officer of Westpac Group, said that the bank’s lines of business model had enabled it to “consolidate divisional management and simplify the business.”
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“Our new lines of business operating model has given us a solid foundation for this change, with greater clarity on accountability and a common management approach across each of the six business lines,” said King. “The combined division will drive simplification of banking and help to reduce cost, including by consolidating support functions. The change will enable more efficient utilisation of common assets such as branches and call centres, and better capitalise on the work underway to improve our capabilities, particularly in service, digital, and data.”
The new division will come into effect on March 22 and will be led by the current chief executive, consumer, Chris de Bruin.
“Mr de Bruin has significant experience running both consumer and business banking functions at a large multinational bank, as well as a strong background in fintech and digital banking, which will be particularly valuable as we better support customers’ needs,” said King.
Meanwhile, Westpac’s current chief executive, business, Guil Lima, will be leaving the banking group. In a statement, the major bank said King “thanked him for leading the business division over the past 15 months, particularly during [the] COVID-19 [pandemic].”
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