Kiwibank has raided its rival Australian-owned banks to poach two new senior executives.
Mike Hendriksen has joined the state-owned bank from today as chief legal officer. He was previously assistant general counsel and chief compliance officer at Westpac New Zealand.
Hendriksen was with Westpac for nearly seven years and previously worked for Inland Revenue.
The loss will be a blow to Westpac at a time when bank compliance is heavily under the spotlight.
All New Zealand banks are due to report back to the Financial Markets Authority and the Reserve Bank of New Zealand by March on their progress with meeting conduct and culture shortfalls highlighted by the regulators last year.