Westpac Banking Corp, one of Australia’s big four banks and the country’s No. 2 lender by market value, has announced a split of its retail and business banking division this week.
The mortgage lender also said the manager of the combined structure, Jason Yetton, is set to leave Westpac, reports Reuters. Yetton has served as group executive for retail and business banking since November 2011.
Westpac said that the two new divisions aim to simplify organisation and improve accountability and customer service. The consumer bank will be managed by George Frazis and the commercial and business bank division will be under David Lindberg.
Lindberg was promoted from chief product officer, while Frazis headed a smaller unit in St George prior to this new role.