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Jessica Darnbrough
Westpac Bank has announced sweeping changes to its third party distribution, with a major reshuffle of senior management.
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Following the announcement this morning that Clive Kirkpatrick will join St George as general manager, broker, The Adviser can reveal that Huw Bough will leave his role as general manager, third party mortgage broker distribution at Westpac to take up the RAMS position vacated by Mr Kirkpatrick.
Tony MacRae, who currently holds the position of state general manager commercial banking NSW South at Westpac, will move into fill Mr Bough’s current position.
Speaking about the appointments, Westpac group executive retail and business bank Rob Coombe said Mr MacRae would bring a wealth of experience in strategy, sales management and specialist knowledge in distribution businesses to the role.
“Tony’s breadth of financial service leadership experience means that he is well positioned to grow Westpac’s mortgage broker business. Westpac’s third-party distribution network is an integral part of the banks strategy, with approximately 45 per cent of all new residential home lending business written through the broker channel," he said.
“We have continuously demonstrated our commitment to the mortgage broker industry and we are looking to grow ongoing our market share within this key consumer business segment.”
Mr Coombe said that outgoing general manager Huw Bough had put Westpac’s third-party broker distribution division in a very strong position.
“I would like to especially acknowledge Huw Bough for his work with our third-party broker distribution division,” Mr Coombe said.
“Huw’s exemplary leadership over the past three years has delivered a stronger mortgage broker business as well as building deepened and well respected relationships with all of Westpac’s brokers, aggregator partners and industry stakeholders. We wish him all the very best in his new role."
