Chris De Bruin fills last Westpac role

Chris De Bruin was recruited from Deem in Dubai, one of the largest non-bank financial institutions in the Middle East.

Westpac’s Peter King has overhauled his senior team since he became chief executive in April. Picture: AAP

Westpac chief executive Peter King has filled the last vacancy in his senior management team, announcing the appointment of South African banker Chris de Bruin as consumer division head.

Mr de Bruin, who will start in the role early next year, was recruited from Deem in Dubai, one of the largest non-bank financial institutions in the Middle East, where he is chief executive.

“Chris has extensive experience in consumer banking, including leading the global retail distribution and product port­folios, as well as several regional consumer businesses, of a multinational bank,” Mr King said. “He also has a very strong background in fintech and digital banking, which will be particularly valuable as we work to enhance our digital capability and better meet customers’ changing needs.”

Mr de Bruin’s priority is likely to be recovery of market share in the key home-lending segment.

Earlier this year Westpac was confronting loan-processing challenges offshore, particularly in The Philippines, because of the pandemic.

In late July, the bank announced it would improve the resilience of the business by investing $45m a year to bring 1000 jobs back onshore. The new roles will support Westpac’s call centres, as well as provide processing and assistance to home lending and consumer finance.

Mr de Bruin also will confront the wider banking industry’s digital challenge.

While COVID-19 has seen off the immediate challenge of the so-called neobanks, they are likely to return emboldened with the introduction of open banking.

Competition from the big platform businesses such as Amazon also will intensify, mostly likely in strategic partnerships to avoid the capital requirements and heavy regulatory scrutiny of banks.

Mr King has overhauled his senior team since he became chief executive in April, succeeding Brian Hartzer in the wake of the bank’s Austrac money-laundering debacle. In July he turned to KPMG partner Michael Rowland to fill the position of chief financial officer.

Mr King also announced the promotion of Les Vance, previously chief operating officer of the consumer division, to the new position of chief executive financial crime, compliance and conduct management.

In a second tour of duty at Westpac, Jason Yetton was recruited to the new role of chief executive, specialist businesses, responsible for the bank’s superannuation, life insurance and wealth platform businesses.

International banker Guil Lima became head of the business bank late last year. Deutsche Bank Australia and New Zealand chief executive Anthony Miller will join Westpac later this year as head of the institutional bank, taking over from treasurer Curt Zuber who stepped into the role on an acting basis after the retirement of Lyn Cobley in May.

Scott Collary from Bank of Montreal was appointed in July to lead a new group operating office, bringing together operations and technology.

Westpac insiders said Mr King acknowledged the absence of women in the recent of senior appointments. This is expected to be addressed when vacancies arise.

In other developments, rating agency Fitch has kept the four major banks on negative outlook for their A+ ratings, saying it was unlikely the rating would be resolved until early to mid next year when there was greater clarity on the banks’ asset quality and other key financial measures.

“We think asset quality could deteriorate further in 2021 following the unwinding of support measures and loan repayment deferrals,” Fitch said. The level of deterioration remains unclear; however, total deferred loans have declined from peak levels.

“It could take a number of years to resolve elevated impaired loans, reflecting the significant scale of the economic shock caused by the coronavirus pandemic,” Fitch said.