Hartzer to start in June
(11 April 2012 – Australia) Westpac recruit Brian Hartzer plans to start his new role from the middle of June, with the aim of giving the lending heavyweight renewed momentum at its retail business.
The former top ANZ executive was named last November to head a bulked-up domestic business at Westpac. The well-regarded executive has to serve out a long notice period in Britain with his current employer, Royal Bank of Scotland (RBS), where he has been driving the turnaround of the bank’s British retail banking arm.
Given the six-month transition between roles, Westpac has not been able to specify Hartzer's starting date. ''We expect Brian to start by the middle of the year,'' a Westpac spokesman said.
It is believed Hartzer has taken leave from RBS in recent weeks to take part in a high-level Westpac strategy session aimed at mapping out the bank's targets for the medium to longer term.
Investors see the 44-year-old as the executive to eventually take charge from current Westpac boss Gail Kelly at the A$63 billion banking major. Kelly has previously said she intends to see through her three-year reform program at Westpac.
Hartzer joins Westpac as analysts question the bank's plans to expand its retail arm in the face of a sluggish outlook for credit growth in the next few years, and after the recent loss of several experienced retail executives, including Rob Chapman, chief of Westpac's St George business.
In Australia, he will oversee a new giant Australian retail division housing Westpac's flagship personal and business banking units, St George Bank and BT wealth management businesses.
Together, these generate more than A$3.76 billion in earnings, or about two-thirds of Westpac's annual profits.
Given the six-month transition between roles, Westpac has not been able to specify Hartzer's starting date. ''We expect Brian to start by the middle of the year,'' a Westpac spokesman said.
It is believed Hartzer has taken leave from RBS in recent weeks to take part in a high-level Westpac strategy session aimed at mapping out the bank's targets for the medium to longer term.
Investors see the 44-year-old as the executive to eventually take charge from current Westpac boss Gail Kelly at the A$63 billion banking major. Kelly has previously said she intends to see through her three-year reform program at Westpac.
Hartzer joins Westpac as analysts question the bank's plans to expand its retail arm in the face of a sluggish outlook for credit growth in the next few years, and after the recent loss of several experienced retail executives, including Rob Chapman, chief of Westpac's St George business.
In Australia, he will oversee a new giant Australian retail division housing Westpac's flagship personal and business banking units, St George Bank and BT wealth management businesses.
Together, these generate more than A$3.76 billion in earnings, or about two-thirds of Westpac's annual profits.
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