ANZ lures CBA manager Clare Morgan to run its commercial business

The bank has poached CBA’s head of small business banking just as the sector faces growing interest rate headwinds.

Business lending is expected to moderate across the economy in coming months. Picture: Britta Campion / The Australian

ANZ has lured Commonwealth Bank manager Clare Morgan to take up an executive vacancy running its commercial business, as it seeks to ramp up activity in the division.

Ms Morgan will join ANZ’s executive committee and report to chief executive Shayne Elliott, when she starts in early 2023. The new appointment comes after ANZ separated its retail and commercial divisions in March, prompting the departure of executive Mark Hand.

That followed a turbulent period of ANZ’s mortgage business which grappled with operational and processing issues, and saw it lose market share. The home loan business has regained momentum in 2023.

Ms Morgan was most recently CBA’s executive general manager of small business banking, and had spent about 14 years with the lender. She also had a stint with Lehman Brothers in New York prior to joining CBA in 2008.

“This is a significant appointment for ANZ as we continue to transform how we serve our commercial customers through the better use of digital platforms and data,” Mr Elliott said. “While banking small businesses has always been core to what we do, it’s the right time to increase focus on this market, given it is a significant opportunity for ANZ and the progress we have made in other parts of our business.”

CBA has been seeking to become more competitive in business banking and lending to take on the largest player in the market, National Australia Bank.

But the appointment of Ms Morgan also comes as business lending is expected to moderate given aggressive monetary policy tightening by the Reserve Bank, and a slowing domestic economy. Banks will closely be monitoring their loan books for signs of stress and repayment arrears.

Mr Elliott said Ms Morgan’s business banking experience would be an asset to ANZ. She will lead the division that spans sole proprietors, emerging corporates and private banking.

“Clare joins an experienced team running our major businesses with Antonia Watson leading New Zealand through a period of major change, Maile Carnegie returning Australia Retail to growth and Mark Whelan having transformed Institutional into one of the best run wholesale banking businesses globally,” Mr Elliott said.