Westpac Merges Business and Consumer Divisions
(17 March 2021 – Australia) Westpac has announced that it is merging its consumer and business divisions.
The Big Four bank revealed that it will combine the leadership of its consumer and business divisions into a new Consumer & Business Banking division, effective from 22 March 2021. The restructure seeks to consolidate divisional management and "simplify operations" with the new division to be led by the current consumer division CEO, Chris de Bruin. The current business division CEO, Guil Lima, will leave the Bank after fulfilling the role for 15 months.
Westpac formed the business division in Q2 2019 after announcing it would restructure its business in Q1 2019. Westpac had said it would realign its wealth strategy and BT Financial Group will cease as a standalone division. The group announced in a statement the change will enable a more efficient use of common assets and provide the ability to better capitalise on work already underway to improve capabilities, particularly in service, digital and data.
“Our new lines of business operating model has given us a solid foundation for this change, with greater clarity on accountability and a common management approach across each of the six business lines” stated Westpac Group CEO, Peter King.
“The combined division will drive simplification of banking and help to reduce cost, including by consolidating support functions. The change will enable more efficient utilisation of common assets such as branches and call centres, and better capitalise on the work underway to improve our capabilities, particularly in service, digital and data.”
“Mr de Bruin has significant experience running both consumer and business banking functions at a large multinational bank, as well as a strong background in fintech and digital banking, which will be particularly valuable as we better support customers’ needs. I thank Mr Lima for leading the business division over the past 15 months, particularly during COVID-19” Mr King added.