National Australia Bank (NAB) has made slew of changes to its organisational structure as well as its executive leadership team to drive its Australian and New Zealand businesses.
The extensive organisational restructure will see wealth management and personal banking brought under the same division, which will be led Andrew Hagger.
This unit will bring together the distribution components of wealth management, and personal banking network, as well as will include UBank.
Under the organisational restructure, Business Banking will become Business & Private Banking that will focus on priority SME customers. The business segment will be headed by Angela Mentis.
This business division will include the nabBusiness franchise comprising specialised agriculture, health, government, education and community services, as well as private banking and JBWere, and small business division from personal banking.
The bank has also created as new customer facing business arm – Corporate and Institutional Banking (CIB), which will be led by Cathryn Carver.
This unit will consist of corporate and institutional banking businesses from business banking; fixed income, currencies and commodities (FICC) and capital financing businesses from Products and Markets; as well as asset servicing and international branches.
The bank’s Products and Markets unit will become Customer Products and Services and will be spearheaded by Antony Cahill.
This unit will bring together banking and wealth products, strategy, digital, NAB Labs/Ventures, marketing and corporate affairs.
NAB group CEO Andrew Thorburn said: “Our customers will benefit from a more integrated banking and wealth offering, while the formation of the Corporate & Institutional Banking business unit brings together a range of products and services critical to the success of our Corporate and Institutional customers under the responsibility of a single senior executive. This means our SME and specialised businesses become a focused and standalone business unit.”
In addition, enterprise services and transformation will now be technology and operations. This segment will now include the operating functions of the non-life wealth management unit, and will be headed by Bob Melrose as acting chief technology and operations officer.
The Risk function will include the banking group’s legal and governance functions, and will continue to be headed by David Gall as chief risk officer.
However, the Finance, People and Bank of New Zealand divisions will be unchanged, and will continue to be led by Gary Lennon, Lorraine Murphy and Anthony Healy respectively.
The changes are effective from 1 August 2016, and are subject to regulatory nod.
“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,” Thorburn added.
Moreover, the bank’s group executive personal banking Gavin Slater, and group executive of enterprise services and transformation Renee Roberts will depart from the bank, while group executive of governance and reputation Michaela Healey has announced her intention to retire.