Bank of New Zealand Financial Services chief manager David Jones is leaving New Zealand to head up the private banking operations of National Australia Bank (NAB).
NAB, which is BNZ's parent company, announced last week a $375 million global restructuring which sees significant changes to BNZ.
Besides Jones' promotion, BNZ managing director Gordon Wheaton is also moving to Melbourne to become chief executive officer Asia/Pacific, a position which gives him overall control of retail activities in New Zealand.
His replacement Mike Pratt will be based in Auckland rather than the more traditional Wellington location.
Jones' departure comes as a surprise to staff at BNZ. It is unknown when he will take up the new position, however it is likely to be sooner rather than later.
Jones has been a prominent player during his two-year stint in the New Zealand financial services industry. He has been keen to see the industry, particularly the two adviser associations, work more closely together and has been an active contributor to the superannuation debate.
At BNZ he has worked on developing discrete distribution channels and was responsible for a shake up of the bank's Investment Advisory Service, which is now known as private banking.
Before joining BNZ Jones was with Tyndall in Australia.
Bank of New Zealand Financial Services chief manager David Jones is leaving New Zealand to head up the private banking operations of National Australia Bank (NAB).