NEWS - Financial Services
Published 12:13 PM, 28 Sep 2009
Last update 4:28 PM, 28 Sep 2009
ANZ names Philip Chronican as Aust division chief
By a staff reporter
ANZ Banking Group Ltd has appointed former Westpac institutional banking head Philip Chronican as Australia chief executive, replacing acting chief Graham Hodges.
Mr Chronican will manage ANZ's Australian operations, with specific responsibility for its retail, commercial and wealth management businesses.
He will also be segment leader for ANZ's retail businesses globally.
"I am delighted to have been able to attract someone of Phil’s calibre to run ANZ’s largest business," ANZ chief executive Mike Smith said in a statement to the Australian Securities Exchange (ASX).
"He’s one of Australia’s most respected bankers and his experience makes him ideally suited to continuing the growth of the Australian business and to making a significant contribution to our super regional strategy."
Mr Smith acknowledged Mr Hodges' leadership of the bank's Australia division, including overseeing last Friday's $1.8 billion purchase of ING Group’s 51 per cent stake in its joint venture with ANZ.
ANZ bought ING's shareholding for €1.1 billion in cash, with the Australian and New Zealand wealth management and life insurance units to become wholly-owned subsidiaries of the bank.
Mr Hodges, who has been acting in the Australia chief executive role since May 2009, will continue as deputy chief executive.
Mr Chronican was group executive of Westpac Banking Corp's institutional banking division from 2005 until July this year, having spent 27 years with the bank.
He was formerly chief financial officer and head of strategy and financial planning in Westpac's retail group.
Mr Chronican will join ANZ in November.
ANZ shares closed 2.26 per cent higher at $24.33, against a slide of 0.76 per cent in the benchmark index.
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