National Australia Bank has made a slew of changes to its organisational structure as well as its executive leadership team. The bank claims the moves will drive its Australian and New Zealand businesses.
In an announcement to the Australian Stock Exchange the Group Chief Executive Officer, Andrew Thorburn, said that following the successful demerger and IPO of Clydesdale Bank earlier in the year and with the sale of 80 percent of the Life Insurance business to Nippon Life nearing completion, it was now the right time to drive the next stage of organisational change.
The changes, which are subject to regulatory approval, are effective 1 August 2016.
Wealth Management Consolidation
Business Banking becomes Business & Private Banking, Angela Mentis will lead this business as the Chief Customer Officer, Business & Private Banking. The unit will focus on priority SME customers. This will bring together leading nabBusiness franchise with specialised Agriculture, Health, Government, Education and Community services along with Private Banking and JBWere, as well as the small business segment from Personal Banking.
Personal Banking becomes Consumer Banking & Wealth Management and will now include the distribution components of Wealth Management, as well as NAB's Personal Banking network. It will also include UBank. Andrew Hagger will lead this business as the Chief Customer Officer, Consumer Banking & Wealth Management.
Products & Markets becomes Customer Products & Services and now includes Banking & Wealth products, Strategy, Digital, NAB Labs/Ventures, Marketing and Corporate Affairs. Antony Cahill will lead this business as the Chief Operating Officer.
New Heads Required
A new customer facing business unit named Corporate & Institutional Banking (CIB) which will bring together the Corporate and Institutional Banking businesses from within Business Banking as well as the Fixed Income, Currencies and Commodities (FICC) and Capital Financing businesses from within Products & Markets. Asset Servicing and International Branches will also reside within CIB. While an internal and external executive search is conducted, Cathryn Carver will lead this business as the acting Chief Customer Officer, Corporate & Institutional Banking.
Enterprise Services & Transformation becomes Technology & Operations and will now also include the operating functions of the non-life Wealth Management business. While an internal and external executive search is conducted, Bob Melrose will lead this business as the acting Chief Technology & Operations Officer.
The Risk function will now also include the Legal and Governance functions of the Group and will continue to be led by David Gall as Chief Risk Officer.
«These changes will bring greater momentum and energy to NAB’s goal of creating a simpler, more customer-focused organisation that delivers better outcomes for customers as well as shareholder returns,» said Thorburn.
