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ANZ restructures, exec to depart

The big four bank will consolidate its digital and retail divisions, with its commercial business set to operate separately.

ANZ declared that it will shake up its group structure on Tuesday morning, with the digital business, including ANZx, to be integrated with the retail bank.

As part of the changes, Mark Hand, ANZ group executive, Australia retail and commercial will assist chief executive Shayne Elliott in establishing the commercial business as a new separate division before he will depart later in the year.

Mr Hand has been with the group for around 34 years, having sat on the executive committee since 2018.

In his place, Malie Carnegie, ANZ group executive, digital and Australia transformation will step up as the new group executive, Australian retail.

Shayne Elliott commented that retail banking had been “changing fast” and the group needed to to improve speed and resilience in its operations.

"At the time, we established our new digital division outside of our Australian retail business to ensure we weren’t being limited by existing structures and technology,” Mr Elliott explained.

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“Our intention was to always bring this work together when it made sense and given our first customer proposition, ANZ Plus, is about to go live, that time is now.”

Previously, Ms Carnegie had a hand in reshaping the bank’s digital offerings, particularly ANZx.

”Maile’s recent banking experience, as well as her extensive career running consumer and digital businesses, means she has an exceptional skillset that will ultimately evolve our retail bank,” Mr Elliott said.

The group will also place a greater focus on its commercial business in Australia, separating it into a standalone division.

“Ultimately, improving the visibility, focus and accountability of this division will benefit all our customers who are striving to either start, run or grow their business,” Mr Elliott said.

Reflecting on Mr Hand’s exit, Mr Elliott added the executive had decided to pursue opportunities outside of ANZ.

Mr Hand commented: “After a period of significant transformation across ANZ and the banking sector, I see this as the natural time to move onto my next challenge.”

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