Westpac Set to Combine Consumer, Business Banks Into Single Unit

By Stuart Condie

SYDNEY--Westpac Banking Corp. will combine its consumer and business operations into one unit in a move that Chief Executive Peter King said will cut costs.

Australia's No. 2 bank by market capitalization on Wednesday said that current Consumer CEO Chris de Bruin will lead the new division. Business CEO Guil Lima will leave the bank, Westpac said.

The change takes effect from March 22, Westpac said. It didn't immediately say whether the move would result in redundancies.

Mr. King said the consolidation will cut costs through more efficient utilization of common assets such as branches and call centers.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

03-16-21 2051ET