The Australia and New Zealand Banking Group (ANZ) has merged its Asian private banking and wealth units to boost operational efficiency.
ANZ global wealth chief Joyce Phillips said in an internal memo that the businesses were consolidated in order to "drive higher levels of growth by creating stronger alignment across our teams".
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The move, which was initiated following a review in the region, has led to the exit of executive Manfred Liechti with immediate effect, reports The Australian.
The merged arm will be overseen by Bret Packard, designated as ANZ’s managing director wealth Asia and based in Singapore.
The new unit will include Kevin Ong and Arjan De Boer, private banking heads in Southeast Asia and North Asia respectively, and ANZ business management head Mario Bassi. All of them will report to Packard.
The wealth leadership team will also include Mike Norfolk, head of ANZ’s private bank in Australia, who will report to Phillips.
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By GlobalDataPhillips added, "There will be no change to our strategy. We are emerging into a new growth phase across private bank in all our countries."
"I will continue to work closely with the private bank heads to build sustainable and profitable growth across the region and deliver solutions that help our clients better connect and protect and grow their wealth."
