ANZ Banking Group has decided to overhaul its wealth division by aligning some of the wealth businesses into its existing retail operations and on a geographical basis to improve returns and capital efficiency.

As part of the restructure, the bank’s Australian insurance, superannuation and investments operations will be rebranded as Australia Wealth, which will be led by Alexis George as managing director.

ANZ Banking Group CEO Shayne Elliott said "These changes generate more value for our 8 million customers by making it simpler and more convenient to access wealth solutions through closer coordination and alignment of our wealth and retail products. The changes help us unlock more potential from wealth and reduce complexity, duplication and cost across our business.

"The simplified approach also provides the opportunity to focus on improving returns and capital efficiency from our insurance, superannuation and investments product business given higher regulatory capital requirements," Elliott added.

Joyce Phillips – who led ANZ’s wealth, marketing and innovation divisions – will leave the bank.

Following the reorganization, the private bank division in Australia will report to group executive for Australia Fred Ohlsson.

ANZ financial planning will become part of the retail distribution division and report to Catriona Noble. In New Zealand and Asia, the wealth divisions will become part of the retail teams.