Incoming Westpac chief executive Anthony Miller has won the race against his internal rival – retail banking boss Jason Yetton – for the top job, selling the bank’s board on strategic continuity amid signs of increasing competition in home and business lending.

Mr Miller, a 54-year-old former investment banker, said his immediate priorities would be the full implementation of a years-long risk overhaul program and getting started on the bank’s multibillion-dollar technology upgrade. That would follow the transition period from outgoing CEO Peter King, who will retire after 30 years at Westpac on December 16.