Power to head Westpac NZ's high wealth customer bank

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.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Printable version

Related News

MRP chair Joan Withers to join ANZ New Zealand board in July
Interview TV9
KIP announces changes to the Board of the Manager
Turners and Growers Appoints Deputy Chairman
Former Frucor head Mark Cowsill named to Hellaby board
NZ Refining appoints Shell's Sjoerd Post as new CEO
Vector appoints Beddoe as chief risk officer
Solid Energy chair Palmer to step down this year
Elliott leaving Contact for Origin role
Ports of Auckland names Patrick Snedden to replace Campbell