AMP Limited has announced it will merge its banking and Australian wealth management business units into a combined organisation to be named ‘AMP Australia’.
AMP CEO Francesco De Ferrari said the merger reflected AMP’s client-led strategy and comes amid the decision by Sally Bruce to step down as AMP Bank CEO.
The AMP Australia business will be led by Alex Wade, currently CEO of Australian Wealth Management.
Rod Finch, who currently serves as managing director, wealth products and platforms, has been appointed to assume the role of managing director, AMP Bank, reporting to Mr Wade, when Ms Bruce steps down on 1 November 2019.
Commenting on the changes, Mr De Ferrari said: “The strategy we set out in August is focused on reinventing AMP to be a client-led, simpler and more growth-oriented business.
“Bringing together our bank and wealth management teams in Australia will drive a more integrated organisation better able to pursue the significant opportunity we see in providing more holistic wealth services for our clients.
“Closer integration of the businesses was part of our long-term plan, and with Sally’s decision to step down we have been able to accelerate our internal re-organisation.”
The AMP group CEO thanked Ms Bruce for her service to the bank.
“Sally has been an outstanding leader for AMP Bank, delivering double-digit earnings growth through consistent growth in revenue and client numbers, as well as creating a strong and inclusive culture within the bank,” he said.
“She has led the business for just over four years and has decided it is time to transition. I want to thank Sally for her contribution, and particularly for her support to me over the past 10 months.”
Ms Bruce added: “I am extremely proud of my time with AMP and what we have delivered at AMP Bank since I joined in 2015.
“Now is the right time for me to step down and to join my family, who relocated back to Melbourne earlier this year.
“I’m confident I am leaving AMP Bank in the hands of a strong team who will continue to drive the success of the business under AMP’s new strategy.”
[Related: MyState appoints interim CFO]
Charbel Kadib is a journalist on the mortgages titles at Momentum Media.
Before joining the team in 2017, Charbel held roles with public relations agency Fifty Acres, and the Department of Communications and the Arts.
Charbel graduated from the University of Notre Dame Australia with a Bachelor of Arts (Politics & Journalism).