Ex-Wallaby Phil Waugh heads to NAB from Westpac

NAB lures former Wallaby and Westpac banker Phil Waugh to an executive role in mortgage broker distribution.

Wallabies player Phil Waugh during Australia team training at Leichhardt Oval in Sydney.

National Australia Bank has lured former Wallaby and Westpac banker Phil Waugh to an executive role in mortgage broker distribution.

The appointment was announced internally at NAB on Tuesday by the bank’s home ownership executive, Andy Kerr, who flagged Mr Waugh would be joining in early June.

The Australian on Monday revealed that Mr Waugh had resigned from Westpac and was headed to a rival big four bank.

“Phil is an exceptional financial services leader, having led large relationship and intermediated distribution businesses in previous roles. He joins us from Westpac where he is currently the head of private wealth north, having previously led Westpac’s COVID-19 response for business customers and St George’s auto finance division,” Mr Kerr said in a staff memorandum.

Phil Waugh is moving from Westpac to NAB.

“Many of you may also recognise Phil from his rugby career, where he played 136 matches for NSW Waratahs and 79 matches for the Wallabies, including time as captain.”

Mr Kerr told NAB employees that Nicole Triandos, acting in the executive broker distribution role since December, would continue to lead the team until Mr Waugh started.

Ms Triandos has been in the position in an interim capacity since longstanding executive Steve Kane retired from NAB after 45 years. He joined Loan Market this month as head of integration, people and strategy, his LinkedIn profile shows.

Mr Waugh was only appointed to steer Westpac’s NSW and Queensland private banking operations in September. He joined Westpac in 2017 as a national manager of auto finance after a five-year stint at CBA.

Mr Kerr said Mr Waugh’s appointment would “further strengthen” NAB’s commitment to the mortgage broker market.

“We have a business that is continuing to lift strongly in broker advocacy, and we want to be regarded as the best bank for relationship and service. Phil is very excited to be joining the business as we take the next phase of our journey together,” he added.

NAB late last year pulled back from having any ownership in the broking and aggregation group market.

The bank agreed to sell its PLAN Australia, Choice and FAST networks, which housed about 4100 brokers, to the White family’s Loan Market. That delivered the combined group about 29 per cent of the market.

In a press release issued later on Tuesday afternoon, Mr Waugh highlighted the importance of mortgage brokers in the home loan market, where they account for well over 50 per cent of new mortgages written.

“Brokers play a significant role in the Australian community,” he said.