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The former head of mortgage distribution at Citi is set to join the customer-owner lender as its new national manager, broker.
Matt Wood has been named as the new national manager, broker for Bank Australia, effective Wednesday, 12 July.
Mr Wood joins Bank Australia from Citi, where he had worked for 26 years in a range of senior appointments (including, most recently as Citi’s head of mortgage distribution) before being made redundant earlier this year after National Australia Bank (NAB) subsumed the mortgage brand as part of its acquisition.
From 12 July, he will take over national management of Bank Australia’s broker team from Vincent Lewis, who has retired after eight years in the role.
Speaking to The Adviser about his new position, Mr Wood said: ‘‘I’m delighted to be joining the Bank Australia team as national manager, broker next week.
“Bank Australia is a customer-owned bank with a strong purpose to make a positive impact for people and the planet. The chance to join a bank that invests their money in areas such as climate action and housing affordability that contribute to positive generational change is a brilliant opportunity.
“I’m looking forward to joining the team of talented and passionate people and continuing the growth of the broker channel.”
Bank Australia has been rapidly growing its loan book over the past few years, with the bank holding approximately $7.4 billion in mortgages at the end of May 2023 (according to APRA’s Monthly Authorised Deposit-Taking Institution Statistics).
It had more than $8 billion in total residents loans and finance leases at the end of May 2023.
The end of Citi mortgages
While NAB’s $1.2 billion acquisition of Citi’s retail banking business was finalised in June 2022, it is being integrated into the NAB brand in stages.
Citi’s Australian banking assets and liabilities were transferred to NAB last year (when Citi’s banking licence was also revoked), with Citi personnel moving across to NAB to manage the handover at that time.
The major bank has since been subsuming Citi’s retail business and will be continuing to move its customers onto the NAB platform and product suite over the next year.
Applications for new Citi-branded mortgages closed on 31 March 2023 and were settled before the end of the financial year ended 30 June 2023.
Given the end of Citi mortgages, several long-serving members of Citi’s mortgage operations were made redundant earlier this year.
While the Citi brand will remain for corporate clients, the integration of Citi into the NAB business will take another few years, underpinned by a transitional service agreement.
[Related: NAB broker flows rise 11%]
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