MELBOURNE / Bloomberg
Australia & New Zealand (ANZ) Banking Group Ltd. said its wealth management head Joyce Phillips is leaving as the lender folds parts of the business into its retail unit.
The Australian wealth distribution business, and wealth management activities in Asia and New Zealand, will be merged with the retail units, the Melbourne-based lender said in a regulatory statement on Wednesday. A separate division called Australia Wealth will hold the country’s insurance, pension and other investment products, it said.
Chief Executive Officer Shayne Elliott, who took over on January 1, has changed the top management team as he seeks to lift returns amid increasing capital requirements for Australian lenders.
Competitor National Australia Bank Ltd. last year sold an 80 percent stake in its life insurance business to Japan’s Nippon Life Insurance Co. while Westpac Banking Corp. relinquished majority control of its funds management business.
ANZ Banking Group Limited is the fourth largest bank by market capitalisation in Australia, after the Commonwealth Bank, Westpac Banking Corporation and National Australia Bank. Australian operations make up the largest part of ANZ’s business, with commercial and retail banking dominating.