Friday 9th March 2012
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Westpac Banking has appointed Peter Clare to lead its New Zealand unit after tapping existing chief executive George Frazis to head up St George Banking.
The appointments will come into effect from April 2, and Clare’s position is subject to regulatory approval. Clare is currently Westpac’s chief operating officer for its Australian Financial Services business, and has held senior positions across the group. Group chief executive Gail Kelly paid tribute to Frazis’s tenure, singling out a 41 percent boost in cash earnings last financial year.
“George Frazis has done an excellent job over the past three and a half years in significantly improving the performance of the New Zealand business,” Kelly said in a statement. Clare’s “blend of strategic and operational experience will ensure Westpac New Zealand continues to put in place a customer relationship-focused business strategy.”
Westpac’s New Zealand arm continued its strong performance in the last three months of 2011, with a 43 percent gain in tax-paid profit to $206 million from the same period a year earlier.
Frazis replaces outgoing St George boss Rob Chapman.
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