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Power to head Westpac NZ's high wealth customer bank

Tuesday 11th October 2011

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Outgoing Justice and Commerce Minister Simon Power has been tapped to head up Westpac Private Bank, which looks after the lender’s high net wealth clients.

Power will join Westpac Banking Corp. from January next year, replacing Richard Jarrett who has been in the role since 2006.

The Cabinet minister flagged his retirement from politics in March after driving through a raft of legislation, including the major reform of capital markets supervision, an overhaul of legal aid and the court system and liquor law reform.

“One of my objectives after leaving Parliament is to contribute to the growth of New Zealand in the private sector and I feel that with my experience in working with and implementing change I can do that,” Power said in a statement.

Westpac Private Bank caters to households with an income of some $250,000 and assets in excess of $1 million, and provides a raft of services including financial advice, home loans, and investment options, according to its website.

Among Power’s team is Lyn McMorran, the area manager for central region, with whom he worked with on rules to tighten up financial adviser regulation when she was President of the Institute of Financial Advisers.

Westpac NZ chief executive George Frazis welcomed Power, saying his skills and experience fit well with the private bank.

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