New CEO for Heartland Bank

Leeann Lazarus has been appointed chief executive of Heartland Bank. Photo / Supplied

Heartland Bank has poached a new chief executive from insurer Westpac Life.

Leanne Lazarus will start in the role on August 1 leaving her position as chief executive and executive director of Westpac Life.

Westpac Banking Corporation sold Westpac Life New Zealand to Fidelity Life Assurance in February this year for $400 million.

Lazarus replaces Chris Flood who will step up to become deputy group chief executive of Heartland Group - the NZX-listed entity that is the parent of Heartland Bank.

The position is a new role for the company, which has been expanding into Australia.

His responsibilities will include overseeing the organisation's organic growth across New Zealand and Australia and he will also lead further strategic initiatives across the group.

Current chief executive Chris Flood will become deputy chief executive of the Heartland Group. Photo / Supplied

Flood started with Heartland 25 years ago through Marac Finance and has made a significant contribution to the business in that time, including successfully running the motor finance business during Heartland's establishment in 2011, and more recently leading growth across the bank's lending and deposit divisions.

He will move into the new role from November. Jeff Greenslade continues as Heartland Group chief executive.

Lazarus has 30 years of experience working in banking and financial services, including a range of executive positions across Westpac NZ and ANZ Banking Group.

The company said her extensive experience in operations and technology would contribute to advancing Heartland Bank's digitalisation strategy, and the ongoing reduction of Heartland Bank's cost-to-income ratio through removing customer friction and enhancing customer experience.

Heartland shares are up 19 per cent over the year or 36c to $2.24.