(15 June 2007 – Australia) Adelaide Bank’s new managing director Jamie McPhee has rung the changes, restructuring the bank into four business units.McPhee, who took over from the long serving Barry Fitzpatrick six months ago, has split the bank into retail, wholesale mortgages, business lending and wealth management.
He said this would add greater clarity and transparency for the market, making the business units more partner and customer centric as opposed to product centric.
Philip Riquier will run the business lending division, which is Adelaide Bank’s largest business unit alongside wealth management, while Stephen Small will run retail, Tim Piper wholesale and Anthony Baum wealth management.
The mortgages unit is the smallest profit contributor inside the bank.