New boss at St George Bank
Westpac group has announced two senior appointments, with George Frazis to head up St George Bank and Peter Clare to take over the reins at Westpac New Zealand.
Frazis will replace Rob Chapman as chief executive of St George Banking Group, with Chapman making the decision to leave the group.
Frazis makes the move from Westpac New Zealand, where he has been chief executive for the past three-and-a-half years.
Westpac chief executive Gail Kelly said Frazis has done an "excellent job" during his time heading the New Zealand business, with cash earnings increasing 41 per cent in the 2010-11 financial year.
Clare will move into the vacated position at Westpac New Zealand, having previously held the role of Westpac group executive, products and operations.
"[Clare's] blend of strategic and operational experience will ensure Westpac New Zealand continues to put in place a customer relationship-focused business strategy," Kelly said.
The appointments will be effective from 2 April 2012, with Clare's appointment subject to regulatory approval.
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