Westpac appoints merger leader
Gail Kelly
Westpac Banking Corporation has taken a further step towards integration with St George Bank, and appointed Westpac group executive Brad Cooper to lead the merger implementation plans.
While the merger has yet to be approved by the Australian Competition and Consumer Commission, Australian Prudential Regulation Authority and the Federal Treasurer, Wayne Swan, Westpac remains hopeful, having signed a merger implementation agreement (MIA) recently.
Westpac chief executive officer Gail Kelly said: “Although there are a number of steps before the merger is approved, we are commencing detailed merger implementation design and planning, on a joint basis with St George.”
According to Kelly, in designing and implementing the integration, Cooper will use this unique opportunity to drive customer-focused strategic initiatives identified in recent months.
Cooper is currently chief executive, Westpac New Zealand, and will take up the new role from June 9, 2008.
“Brad’s extensive financial services experience, including leading major integration programs, will ensure that we can quickly achieve the benefits of this merger,” Kelly said.
“In a short time Brad has turned Westpac New Zealand’s performance around following an intensive program to increase customer satisfaction levels, including improving the effectiveness of Westpac New Zealand’s distribution and back-office operations.”
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
