Commonwealth Bank of Australia, which owns ASB Bank, Sovereign and Colonial First State in New Zealand, has changed its organisational structure to create vertically integrated businesses.
The new structure aims to align product development and service delivery to customer segments.
Four new business divisions are to be created, each focusing on a particular customer base:
Retail Banking Services will meet the financial needs of personal and small business customers seeking accessible and affordable banking. It incorporates the former customer service division and parts of the former Australian Financial Services.
Premium Financial Services which brings together the bank's existing proprietary wealth management businesses to provide customised products and services for clients with more complex financial needs.
Investment and Insurance Services will bring together the group's funds management, master funds, superannuation and insurance businesses. This will include Colonial First State, Commonwealth Investment Management and Colonial Insurance, Commonwealth Insurance and third party support services for brokers, agents and financial advisers under existing brands.
Institutional and Business Services will cater for the financial needs of institutions, corporates and middle market business customers. Risk and capital management services, as well as more traditional business services, will be offered to customers using a relationship management approach, as well as through business centres.
The structure is designed to create an improved focus on wealth management, and it will enable the bank to better meet the needs of all customers from those seeking a simple transaction banking service to those with more complex wealth management needs, through to business and large institutional customers.
The new business units will be headed by:
Retail Banking Services: John Mulcahy (formerly head of Australian Financial Services)
Premium Financial Services: Michael Katz (formerly head of Institutional Bank)
Investment and Insurance Services: Peter Polson (formerly head of Colonial First State Investments Group)
Institutional and Business Services: Michael Ullmer (formerly group general manager Financial and Risk Management
