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Swanson leaving NZ

Wednesday 6th of October 2004

As a result of a major restructure being carried out by the ASB Group of companies, Simon Swanson, the managing director of Sovereign, will transfer to Australia to become executive general manager of Commonwealth Bank’s insurance operations.

The new managing director of Sovereign will be Barbara Chapman, who is currently head of retail banking and marketing at ASB Bank.

Other changes are:

Ross McEwan. Appointed head of retail banking and marketing at ASB Bank, currently head of ASB Group Investments.
Robert De Luca. Appointed head of ASB Group Investments, currently executive general manager business development for insurance and investment services at Commonwealth Bank.
John Duncan. Retains the position of group general manager, financial, and will take on responsibility for ASB securities and capital markets.
Kerry Francis. Appointed head of treasury and financial markets, and will join the group executive committee.
Peter Hall. Appointed to the newly created position of head of group risk, and will be responsible for the audit and credit functions
James Mitchell. Retains the position of head of relationship banking and financial services, and will take on responsibility for working capital services.

The change in roles will be undertaken on a progressive basis between the end of October and the end of the year.

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