ANZ appoints new personal banking exec

ANZ has appointed a new head of personal banking in line with the group’s mandate to boost its retail banking business.

Former consumer finance managing director Brian Hartzer will become group managing director of personal banking in a move that completes a program of clustering specialist businesses around customer segments.

The appointment of Hartzer is the latest in the bank’s redirection of strategy and follows the recent appointments of ex-National Australia Bank man Steve Targett to group managing director of institutional business and Elmer Funke Kupper as group managing director Asia Pacific.

The divisional executives will report to Michael Saadie, managing director of private banking.

ANZ’s institutional, corporate and New Zealand businesses have already adopted this approach and with the appointment of Hartzer the bank hopes to boost its lagging retail operation.

With 12 per cent market share, ANZ is currently ranked fourth in the personal banking market. Chief executive officer John McFarlane says that this only highlights opportunities for growth.

“Retail banking has never been a traditional strength for ANZ,” he says.

McFarlane concedes that the bank has been substantially under-represented in the personal banking sector and under the new divisional structure could now leverage new growth by applying a more specialised approach.