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Two new divisions will be created under the new model. The Consumer Bank division will be responsible for all consumer banking products and services under the Westpac, St. George, BankSA, Bank of Melbourne and RAMS brands, and will be led by St. George group executive George Frazis.
The Commercial and Business Bank division will be responsible for serving SMEs, commercial and agribusiness customers, as well as asset and equipment finance, and will be led by chief product officer David Lindberg.
Specialist business bankers will continue to operate under their respective brands.
Westpac chief executive Brian Hartzer said the new structure will clarify accountability and better align resources to customer segments.
“We are determined to preserve the strength of our unique family of brands while becoming more agile in meeting the needs of customers and adapting to changing market dynamics,” he said.
As a result of the new management structure, Jason Yetton, group executive of Westpac Retail & Business Banking, will leave the group.
“Since taking up the leadership of Westpac Retail & Business Banking in 2011, Jason has delivered consistently strong financial results as well as making Westpac number one in customer satisfaction,” Mr Hartzer said.