Westpac names head of new business division

Westpac has appointed a new chief executive of its merged business division several months after announcing it would be exiting financial advice.

Guilherme Lima joins Westpac from from HSBC in Hong Kong where he has been group head of wealth management and in prior roles led the retail and wealth management business of HSBC for the Latin American region, according to a statement.

Mr Lima has 22 years’ experience in banking and consulting in Asia, Europe, Latin America and the US and is a former McKinsey partner. He will start in the role later this year subject to required regulatory and visa approvals.

In March, Westpac announced it would merge its private wealth, platforms and investments, and superannuation businesses into a new business division as part of larger restructure, including an exit of its financial advice business.


Meanwhile, Westpac’s insurance business will move into its consumer division.

Westpac chief executive Brian Hartzer said he’s delighted to welcome Mr Lima to the group executive team.

“His background in leading strategic change on a global basis, as well as his domain expertise in banking and wealth, will be particularly valuable as we seek to grow the breadth of our customer relationships across the new business division,” Mr Hartzer said.

“I’d also like to thank Alastair Welsh, general manager commercial banking, for his contribution as acting chief executive business.

“Al is doing a great job managing the transition and ensuring the division continues to run smoothly.”

Westpac names head of new business division
Guilherme Lima
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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