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Australia's Westpac to combine consumer, business divisions

· 03/16/2021 21:06
Australia's Westpac to combine consumer, business divisions

- Australia's Westpac Banking Corp WBC.AX said on Wednesday it will combine its consumer and business divisions, as it looks to further simplify its operations.

The consumer division serves customers under the Westpac, St.George and Bank of Melbourne brands, while the business division includes sales to micro, small-to-medium enterprises, commercial business and private wealth clients.

The country's third-largest lender said its new consumer and business banking division will be led by Chris de Bruin, the current chief executive officer of the consumer unit.

"The combined division will drive simplification of banking and help to reduce cost, including by consolidating support functions," Group Chief Executive Officer Peter King said.

Westpac has been shifting its focus to its core domestic and New Zealand businesses, and said in October it was exiting banking operations in China and some other Asian markets. nL4N2H50OY

Guil Lima, who headed the business division for the last 15 months, will leave the bank as part of changes that will be effective from March 22.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Rashmi Aich)