GENERAL MANAGER OF THIRD
WESTPAC AND ST.GEORGE BANKING GROUP
Tony MacRae’s title might be a bit of a mouthful, but represents an important step upward for MacRae, who until July was head of Westpac’s broker distribution arm. It was certainly a well-deserved promotion, given MacRae led Westpac to their first ever triumph in MPA’s Brokers on Banks survey after several years in the doldrums. Their Rocket Repay product and Platinum Brokers segment have been particularly popular, but there’s also been serious investment at the major bank, with 30% more BDMs coming on board in the past 12 months. Westpac suffered in the mainstream press for being the first major to raise rates in response to increased capital requirements, but the real challenge for MacRae in 2016 will be balancing the interests of Westpac and subsidiaries St. George, Bank of Melbourne and Bank SA and maintaining good relationships with the third party channel.