Westpac sells General Insurance business to Allianz and enters 20 year distribution agreement

From

Westpac Group has announced it will sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz and enter into an exclusive 20- year agreement for the distribution of general insurance products to Westpac’s customers. The sale price of $725m represents a multiple of 1.3x FY20 gross written premium and is estimated to

continue reading

Young Australians look to swap housemates for home ownership

From

New research from Westpac shows that COVID-19 is continuing to shape Australian home ownership goals, with the number of first home buyers looking to enter the property market in the next five years doubling from 7 per cent before the pandemic to 16 per cent[1]. No longer wanting to pay rent (54%) is the major

continue reading

Westpac Board extends Peter King’s contract

From

Westpac Chairman, John McFarlane, has announced that the Westpac Board and CEO, Peter King, had agreed to amend his employment contract removing the two-year term. Mr McFarlane said the Board and Mr King have had recent discussions and Mr King confirmed he is committed to the multi-year plan to turn the company around. Reflecting these

continue reading

Curt Zuber to retire, Joanne Dawson appointed to Group Treasurer role

From

Westpac has announced that Acting Chief Executive, Westpac Institutional Bank (WIB), Curt Zuber, will be retiring from Westpac in 2021. Joanne Dawson has been appointed Group Treasurer, effective immediately. Westpac Group CEO Peter King said Westpac was delighted to appoint Joanne Dawson as Group Treasurer. Ms Dawson has been acting in this role while Mr

continue reading

Westpac announces Board changes

From

Westpac Banking Corporation (“Westpac”) has announced the appointment of Michael (Mike) Hawker AM to the Westpac Board effective in November 2020. Westpac Chairman, John McFarlane said, “We are delighted to welcome Mike to the Board and will benefit greatly from his board experience and deep knowledge of financial services.” Mr Hawker was Chief Executive Officer

continue reading

Westpac welcomes the start of data sharing through Open Banking

From

Westpac has welcomed the launch of the next phase of Open Banking which allows personal banking customers to share certain data with trusted third parties. Starting yesterday, eligible Westpac customers can share their credit and debit card data, as well as deposit and transaction account data, with accredited third parties. The type of data available

continue reading

Westpac releases findings into AUSTRAC Statement of Claim issues

From

Westpac has announced the results of its investigation into the Anti-Money Laundering and CounterTerrorism Financing (AML/CTF) compliance issues, as well as releasing the Advisory Panel Report into Board Governance of AML/CTF Obligations and the Promontory Assurance letter on management’s accountability review. Westpac Chairman Mr John McFarlane said, “In line with the Board’s commitment at the

continue reading

Lyn Cobley retires from Westpac

From

Westpac has announced that Lyn Cobley, Chief Executive of Westpac Institutional Bank, is retiring from the bank. Westpac CEO, Peter King, thanked Ms Cobley for her contribution in leading the Institutional Bank over the last five years. “Lyn navigated institutional banking during a period of intense global competitive pressures and structural changes across these markets

continue reading

Westpac executive changes

From

Westpac has announced that David Lindberg, Chief Executive, Consumer and Craig Bright, Chief Information Officer, are leaving Westpac to take up new roles overseas. An international search has commenced for their replacements. Westpac also announced the appointment of Les Vance to a new role as Group Executive, Financial Crime, Compliance and Conduct. Mr Vance will

continue reading

Peter King appointed Westpac CEO

From

 Westpac Chairman Mr John McFarlane has announced the appointment of Mr Peter King as Chief Executive Officer. Mr McFarlane said, in moments of global stress and uncertainty, management stability and strength are vital. “I believe we need a Chief Executive in place now, not later, and with full, rather than acting authority. On my recommendation,

continue reading