Westpac Banking combines consumer and business units

Australian lender Westpac Banking said that it will bring together the leadership of its consumer and business units into a new Consumer & Business banking division.

The consolidated unit will be led by Westpac Banking Consumer’s current Chief Executive Chris de Bruin.

According to Westpac Group CEO Peter King, the group’s lines of business model has allowed it to consolidate divisional management and also simplify the business.

Peter King said: “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.

“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 centers, and better capitalize on the work underway to improve our capabilities, particularly in service, digital and data.”

Westpac Banking combines consumer and business units. Photo courtesy of Westpac Banking Corporation

Westpac Banking revealed that the current Chief Executive of its business unit – Guil Lima will be leaving the group.

The changes will come into effect from 22 March 2021, said the Australian financial services company.