9 March 2012

Westpac New Zealand Chief Executive appointment

Westpac Chief Executive Officer, Gail Kelly, today announced that Peter Clare has been appointed the new Chief Executive of Westpac New Zealand, replacing George Frazis who will be taking up the role of Chief Executive of St.George Banking Group in Australia.

Peter Clare is one of the Westpac Group’s most seasoned executives, having held senior management positions in St.George, Westpac and formerly CBA. In his role as Westpac’s Group Executive Products & Operations, he led a division of 5,000 people, providing key support across the businesses and driving performance. He is currently the Chief Operating Officer of the Group’s Australian Financial Services business.

“George Frazis has done an excellent job over the past three and a half years in significantly improving the performance of the New Zealand business,” Mrs. Kelly said. Cash earnings for the New Zealand business increased 41% in the 2010/11 financial year, and it has seen strong growth that has outperformed the market in all major categories. This success has been built on a confidence in New Zealand, opening new community branches and a focus on helping local communities grow.

“George has implemented a strong strategy to achieve growth across all market segments, and to build a partnership with customers and the community. In particular, Westpac New Zealand’s continued efforts in providing strong support for customers, the community and staff following the Christchurch earthquakes are a reflection of his commitment to this partnership.

“With strong personal ties to New Zealand, Peter Clare will bring significant enthusiasm and energy to his new role in New Zealand. His blend of strategic and operational experience will ensure Westpac New Zealand continues to put in place a customer relationship focused business strategy, “ Mrs. Kelly said.

Mr Clare is looking forward to relocating to New Zealand to take up his new role on 2 April 2012.

“Westpac New Zealand is an extremely strong brand with a 150 year history of providing customers with banking services and supporting local communities. Its employee engagement is at global high performing levels and it is a business with momentum that I am excited by and committed to building on,” he said.

Mr Clare’s appointment is subject to New Zealand regulatory approval.