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ANZ announces management shake-up to improve focus

Wednesday, January 27, 2016 - 10:46
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Australia and New Zealand Banking Group on Wednesday announced changes to its management structure, saying the shake-up was aimed at improving the bank's focus on key businesses.

[SYDNEY] Australia and New Zealand Banking Group on Wednesday announced changes to its management structure, saying the shake-up was aimed at improving the bank's focus on key businesses.

The changes follow the promotion of Shayne Elliott to the helm of the bank and come amid investor concerns that ANZ's Asia strategy is distracting it from the more profitable mortgage business at home. "We have terrific businesses today, particularly our retail and commercial businesses here in Australia and New Zealand,"Elliott said. "We really want to get focussed on those."

Major changes include handing current Australia head Mark Whelan the reins of the bank's international and institutional business after Andrew Geczy resigned last week.

Current New Zealand retail boss Fred Ohlsson will move to head up Australia, while its NZ CEO David Hisco will assume additional responsibility for operations in the Pacific.

ANZ, Australia's fourth-largest lender by assets, is the only one of the country's "Big Four" banks to have a large presence in Asia. The bank's international and institutional division accounts for about 36 percent of its total operating income.

As part of changes announced on Wednesday, Gilles Planté, Deputy CEO Institutional and International Banking, will be leaving ANZ.

The bank is set to announce a new head for digital banking in the coming months while it continues the hunt for a chief financial officer.

ANZ shares slipped 0.66 per cent on Wednesday in line with the broader Australian market.

They were the worst performers of the "Big Four" Australian banks in 2015, tumbling nearly 13 per cent and are already down about 14 per cent in January, the most among the major banks.

REUTERS

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