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AMP merges bank with wealth management

By Sarah Simpkins and Cameron Micallef · October 10 2019
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AMP

AMP merges bank with wealth management

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By Sarah Simpkins and Cameron Micallef · October 10 2019
Reading:
egg
AMP

AMP Limited is bringing together its banking and Australian wealth management units into a combined organisation named AMP Australia to reflect its new client-led strategy. 

In announcing the merger, AMP chief executive Francesco De Ferrari said the internal consolidation comes as part of AMP’s strategy, first laid out in August, which is “focused on reinventing AMP to be a client-led, simpler and more growth-oriented business”.

“Bringing together our bank and wealth management teams in Australia will drive a more integrated organisation better able to pursue the significant opportunity we see in providing more holistic wealth services for our clients.”

The announcement of the new company coincides with long-time AMP bank CEO Sally Bruce stepping down from her role. 

“Closer integration of the businesses was part of our long-term plan, and with Sally’s decision to step down, we have been able to accelerate our internal re-organisation,” the chief executive said.

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Ms Bruce has led the banking division for four years.

Mr De Ferrari credited Ms Bruce with delivering double-digit earnings growth through consistently growing revenue and client numbers as well as creating a “strong and inclusive culture” within the bank.

“I am extremely proud of my time with AMP and what we have delivered at AMP Bank since I joined in 2015,” Ms Bruce said.

“Now is the right time for me to step down and to join my family, who relocated back to Melbourne earlier this year. 

“I’m confident I am leaving AMP Bank in the hands of a strong team who will continue to drive the success of the business under AMP’s new strategy.”

Prior to joining AMP, its new Australia business head Alex Wade was most recently head of developed and emerging Asia for Credit Suisse Private Banking.

He was with Credit Suisse for 12 years, six of which he was chief of staff for Asia-Pacific.

He also held the roles of deputy market area head for developed Asia from 2014 to 2015 and CEO of Credit Suisse Private Banking Australia from 2016 to 2018.

Further, new AMP Bank managing director Mr Finch joined AMP in 2013, after a 12-year career in retail and commercial banking in Australia and the UK.

He was AMP’s director of customer transformation and director of customer segments and marketing before being appointed to his current role in wealth products and platforms in 2018.

Prior to joining AMP, Mr Finch was director of strategy and customer value management for Lloyds Banking Group’s retail bank.

He has also held senior roles at Westpac including head of strategy, retail and business banking.

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