Westpac said it had appointed Peter Clare as its next chief executive of the bank in New Zealand, replacing George Frazis, who will become chief executive of the Westpac subsidiary, St. George Banking Group, in Australia.
The bank said Clare is one of its "most seasoned'' executives, having held senior management positions in St.George, Westpac and formerly Commonwealth Bank of Australia.
Clare is currently the chief operating officer of the group's Australian financial services business.
"George Frazis has done an excellent job over the past three and a half years in significantly improving the performance of the New Zealand business,'' Westpac chief executive Gail Kelly said in a statement.
Cash earnings for the New Zealand business increased 41 per cent in the 2010/11 financial year.
