Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Power to head Westpac NZ’s high wealth customer bank

Power to head Westpac NZ’s high wealth customer bank

By Paul McBeth

Oct. 11 (BusinessDesk) – 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)

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.