News Formal

Australia's Westpac splits consumer and business banking unit into two

  • 📰 Reuters
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 97%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Westpac Banking Corp on Wednesday said it would split its consumer and business banking business into two, with each having its own CEO, effective Aug. 1.

A pedestrian looks at his phone as he walks past a logo for Australia's Westpac Banking Corp located outside a branch in central Sydney, Australia, November 5, 2018. REUTERS/David Gray/on Wednesday said it would split its consumer and business banking business into two, with each having its own CEO, effective Aug. 1.

The bank said Chris de Bruin, currently head of the combined unit, will leave and named Jason Yetton as CEO of the consumer business and Anthony Miller as CEO of the business and wealth division.These changes come at a time when Australia's biggest banks are reeling under the pressures of increased interest rates, which have contributed to slowing credit growth.

The Reserve Bank of Australia has raised interest rates by a whopping 400 basis points in just 14 months.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CNBC Daily Open: Investment banking sees signs of lifeIn another sign the U.S. economy is more resilient than anticipated, banks have had a good showing this earnings season.
Source: CNBC - 🏆 12. / 72 Read more »