Westpac Integrates Consumer and Business Divisions to Simplify Business

Westpac Banking Corporation(ASX:WBC) today announced the decision of combining its Consumer and Business divisions into a new Consumer & Business Banking division, effective 22 March 2021.

According to the company, the new divison will be led by the current Chief Executive, Consumer, Chris de Bruin. At the same time, Guil Lima, the current Chief Executive, Business will be leaving the Group.

Westpac Group CEO, Peter King, said the Group’s lines of business model had enabled the company to consolidate divisional management and simplify the business.

“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 centres, and better capitalise on the work underway to improve our capabilities, particularly in service, digital and data.

​Mr de Bruin has significant experience running both consumer and business banking functions at a large multinational bank, as well as a strong background in fintech and digital banking, which will be particularly valuable as we better support customers’ needs.”