Australia s Westpac to combine consumer, business divisions Reuters 4 days ago © Reuters/DAVID GRAY FILE PHOTO: FILE PHOTO: A pedestrian looks at his phone as he walks past a logo for Australia s Westpac Banking Corp located outside a branch in central Sydney
(Reuters) - Australia s Westpac Banking Corp said on Wednesday it will combine its consumer and business divisions, as it looks to further simplify its operations.
The consumer division serves customers under the Westpac, St.George and Bank of Melbourne brands, while the business division includes sales to micro, small-to-medium enterprises, commercial business and private wealth clients.
The country s third-largest lender said its new consumer and business banking division will be led by Chris de Bruin, the current chief executive officer of the consumer unit.
Australia s Westpac to combine consumer, business divisions
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Australia s Westpac to combine consumer, business divisions
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(Adds ASIC’s response)
Dec 23 (Reuters) - Australia’s Westpac Banking Corp said on Wednesday the country’s corporate regulator will not take any action against it, after a probe into allegations that the lender enabled millions of illegal payments to people exploiting children.
The Australian Securities and Investments Commission (ASIC), had begun its probe after financial crime watchdog AUSTRAC in November 2019 accused the country’s second biggest lender of breaching anti-money laundering laws.
The ASIC declined Reuters request to comment on Westpac’s statement.
In September, Westpac had settled AUSTRAC’s lawsuit against the claims and additional breaches that were discovered worth A$1.3 billion ($983.58 million).