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Major bank merges consumer and business divisions

A big four bank has announced that it will combine its consumer and business divisions into one division later this month.

Westpac Banking Corporation has revealed that it will bring together the leadership of its consumer and business divisions into a new consumer & business banking division. 

The move,  effective from 22 March 2021, aims to consolidate divisional management and “simplify the business”. 

The new division will be led by the current chief executive, consumer, Chris de Bruin. 

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Given the change, Guil Lima, the current CEO, business, will be leaving the group.

Westpac Group CEO, Peter King, commented: “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.  

“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.

“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.”

Mr King thanked Mr Lima for leading the business division over the past 15 months, particularly during COVID-19. 

[Related: Westpac cuts SME guarantee scheme loan rates]

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