Australian lender Westpac is planning to split its retail and business banking operations as a part of its organisational restructuring strategy.
Under the new structure, the bank will create two new divisions, namely the Consumer Bank and the Commercial and Business Bank.
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Consumer Bank will manage all retail banking products and services under the Westpac, St.George, Bank, Bank of Melbourne and RAMS brands while Commercial and Business Bank will be responsible for serving small and medium enterprises, commercial and agri-business customers, as well as asset and equipment finance.
Group executive of St.George Banking Group George Frazis and Westpac chief product officer David Lindberg will lead the consumer banking and commercial and business banking divisions respectively.
As a result of the new management structure, which will take effect immediately, Westpac Retail & Business Banking group executive Jason Yetton will depart from the bank after more than 20 years of service.
Westpac CEO Brian Hartzer said: "We recently set an ambition to be one of the world’s great service companies, and this new structure will accelerate our progress towards this goal.
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By GlobalData"By appointing a single Executive for each major segment, the new structure clarifies accountability and allows us to create simpler, consistent, end-to-end processes, such as creating one way to open a transaction account or approve a mortgage. This will help to deliver efficiencies."
