ANZ National taps Fagg as CEO

Wednesday 18th March 2009

ANZ National Bank, New Zealand's biggest lender, named Jenny Fagg as chief executive, replacing Graham Hodges, who has been promoted to deputy CEO of the parent company.

Fagg is currently deputy CEO at the New Zealand unit and head of retail distribution, the bank said in a statement today. Her previous roles include Managing director for consumer finance at Australia & New Zealand Banking Group across the Tasman.

Hodges, who has led ANZ National since late 2005, will be responsible for the wider group's operational performance and managing key client relationships in his new role in Melbourne, the bank said. Fagg will become a member of ANZ National's management board.

The changes will take effect as at May 1, ANZ National chairman Dryden Spring said.

He said Hodges will leave ANZ National "in a profitable and well-capitalised position with a strong balance sheet, and well placed to navigate through today's difficult economic environment." said Sir Dryden.

Earlier this month, the lender forecast profit will fall this year as the prolonged recession squeezes borrowers and boosts credit provisions.

Earnings declined 32% to $210 million for the three months ended December 31 as it took a credit impairment charge of $94 million, up from $32 million a year earlier. Full-year provisions may double to $572 million, it said.

By Jonathan Underhill

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