(19 March 2007 – Australia) Among a raft of structural changes, St George has announced that long serving chief information officer John Loebenstein will retire at the end of the financial year.The bank has created a new Retail Bank and Wealth Management division, integrating Retail, currently headed by David Gall and Retail Financial Services, headed by Paul Fegan, who will also head the combined division.
David Gall has been appointed as head of Group Strategy, described by the bank as a pivotal role, accountable for the formulation of long term strategy, for managing the bank’s strategic investments and merger and acquisition activity. Gall will also be accountable for the management of the captive mortgage insurer, St George Insurance Australia.
St George has created a Group Technology and Operations division incorporating key operations and IT across the bank, to be headed by Peter Clare.
Geoff Lloyd will continue as chief executive officer of Asgard Wealth Solutions and head of Wealth Management for the Group, reporting to Paul Fegan. Lloyd will also join the Group Executive Management team.
St George managing director Gail Kelly said the changes would ensure the bank continued to deliver high quality consistent performance well into the future.
“The Retail bank is stronger than it has ever been and I am confident that under Paul Fegan’s leadership, it will move to the next level,’ she said.