Powered by MOMENTUM MEDIA
subscribe to our newsletter

NAB announces business restructure

NAB has revealed it will reshuffle its organisational and leadership structure, which will see some executives depart.

In a statement to shareholders, the major bank said the changes come as the sale of the life insurance business to Nippon Life nears completion.

The changes, which are subject to regulatory approval, include renaming the personal banking division ‘Consumer Banking and Wealth Management’, which will include distribution components of both businesses.

NAB Wealth’s current group executive, Andrew Hagger, will lead this division as the chief customer officer for consumer banking and wealth management.

Meanwhile, operating functions of the non-life wealth management business will join ‘Technology & Operations’.

Advertisement
Advertisement

Further, the products and markets business will become ‘Customer Products and Services’ and include banking and wealth products as well as the strategy, digital, NAB Labs/Ventures, marketing and corporate affairs teams.

Antony Cahill, currently NAB group executive for products and markets, will head up this business as chief operating officer.

Other changes include the renaming of business banking as ‘Business and Private Banking’ — with a focus on SME customers — as well as the creation of a new customer-facing business unit, to be known as ‘Corporate and Institutional Banking’.

As a result of the restructure, three executive members will depart, including group executive for personal banking, Gavin Slater; group executive for enterprise services and transformation, Renee Roberts; and group executive for governance and reputation, Michaela Healey, who had indicated plans to retire.

The changes are effective from August 1, according to the statement.

PROMOTED CONTENT


“These changes will bring greater momentum and energy to NAB’s goal of creating a simpler, more customer-focused organisation that delivers better outcomes for customers as well as shareholder returns,” NAB Group chief executive Andrew Thorburn said.

“With the sale of 80 per cent of the life insurance business to Nippon Life nearing completion and other major legacy issues dealt with, we have the opportunity to look to the future and the structure and the leaders to drive the next stage of change. We have made a lot of progress in our core business, but another step change is now needed.”

[Related: YBR chief steps down]

NAB announces business restructure
mortgagebusiness

Latest News

The IMF has urged Australia to consider reforms around housing supply and lending standards, citing apprehension around the upsurge in prope...

Treasurer Josh Frydenberg has backed the net-zero emissions by 2050 target, warning failure to comply will hurt banks’ access to capital a...

The regulator is set to release information setting out how it would use macroprudential policy tools, after expressing concerns around the ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.