Westpac retail chief David Lindberg and CIO Craig Bright depart

Westpac has announced departures at senior levels of the bank, including the exit of retail banking boss David Lindberg.

Werstpac has announced the first major departures since the arrival of Peter King as CEO. Picture: David Clark

Westpac’s retail banking boss David Lindberg will leave the bank to take up a new role offshore, the banking major confirmed Tuesday morning.

At the same time the bank’s chief information officer Craig Bright will also leave the bank for an international role.

The moves mark the most significant executive shake-up at the bank since Peter King was recently named chief executive. The exits also come after the bank on Friday admitted it failed to give financial crimes regulator Austrac a report on 19.4m international funds transfer instructions within 10 business days.

However the bank will contest some of Austrac’s agency’s key allegations around anti-money laundering breaches.

The exit of Mr Lindberg, a fast rising executive under former chief executive Brian Hartzer, leaves open the strategy for the bank’s retail businesses including St George Bank, BankSA, Bank of Melbourne and RAMS brands.

Mr Lindberg will join UK banking group Natwest, part of Royal Bank of Scotland, as chief executive of retail banking. Mr Hartzer held the same position within the British bank between 2009 and 2012.

The Australian understands that Mr Bright has been appointed chief information officer at UK financial giant Barclays.

David Lindberg. Picture: Supplied

It also comes at a critical time with the bank bracing for a surge in mortgage and personal loan lending losses from the COVID-19 slowdown.

Westpac said it had commenced an international search for the replacements of the executives.

Westpac also announced the appointment of Les Vance to a new role as group executive, financial crime, compliance and conduct.

Mr Vance will be responsible for overseeing the group’s financial crime, compliance and conduct management.

Westpac said Mr Vance’s appointment reflected its commitment to increase its focus on these areas and allow the chief risk officer, David Stephen, to focus on the financial risk management of the organisation, particularly the credit portfolio, given the challenges of the COVID-19 pandemic.

“Westpac has made significant progress in improving its financial crime capability and I am confident Les will continue to build on this platform of work. His deep understanding of the bank and risk management will help us further strengthen our management of non-financial risk,” Mr King said in a statement.

Mr King also thanked Mr Lindberg and Mr Bright for their contributions to Westpac.

Mr Lindberg made significant progress on improving customer satisfaction and the digital experience, while Mr Bright improved the capability of the bank’s technology infrastructure, Westpac’s Mr King said.