Westpac Group announces changes in wealth and insurance divisions

Westpac Group has made a number of changes to better support its customers’ wealth and insurance needs, while responding to the changing external environment. The group realigned its major BT Financial Group (BTFG) businesses, with its insurance business to be moved to its consumer division, while its private wealth, platforms and investments, and superannuation businesses will be included in the group’s expanded business division, effective April 1. These changes allow us to focus investment in areas where we have a competitive advantage such as platforms and insurance,” said Brian Hartzer, Westpac Group chief executive. “It also follows previous strategic decisions the group has made about how it operates in wealth, including its decision to divest or sell-down its asset management businesses (BTIM – now Pendal, Hastings, and Ascalon), as well as partnering with Allianz to provide certain insurance products.