ANZ unwinds financial services divisions
ANZhas reorganised its specialised business units, and has unwound the divisions Personal Financial Services and Corporate Financial Services which will be redistributed under a new leadership of 12 executives.
ANZ chief executive John McFarlane announced the changes today, and says the changes distinguish the bank strategically in the next step of its distribution strategy.
“We are…positioning ANZ to take advantage of the growth opportunities that will present themselves in the coming business cycle domestically and internationally, by giving our senior executives new opportunities to make a unique contribution to the Group,” he says.
Under the new structure taking effect today, personal banking and wealth management businesses will be under the directive of Elmer Funke-Kupper, while Bob Edgar will oversee the corporate banking businesses.
Funke-Kupper’s portfolio will include personal banking in Australia, New Zealand and the Asia-Pacific, as well as wealth-management in a joint venture with ING.
Other divisions and division heads in the new organisation are ANZ investment banking, headed by Grahame Miller; consumer finance, looked after by Brian Hartzer; mortgages, with Greg Camm; asset finance, managed by Elizabeth Proust; while Graham Hodges will oversee small to medium business.
Following this decentralisation of the bank’s specialised businesses, the bank says the Group centre will be strengthened with executives taking on additional roles. One notable change will be ANZ group managing director Peter Hawkins becoming head of group strategic development which will explore, among other things, international expansion opportunities.
The Group Leadership team will comprise the 12 most senior executives and will replace the former Executive Management Committee. The executives are David Boyles, Bob Edgar, Brian Hartzer, Peter Marriott, Greg Camm, Shane Freeman, Peter Hawkins, Grahame Miller, Roger Davis, Elmer Funke Kupper, Mark Lawrence and Elizabeth Proust.
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