Westpac revamps technology

  • By Christine St Anne

Westpac has merged its group operations and group technology division, hiring former Bank of Montreal executive Scott Collary to lead the new division.

On Tuesday the bank announced that Collary would take on the job as chief operating officer.

He will begin with the bank later this year.

At the Bank of Montreal in Canada, Collary held the job as chief information and operations officer for its North American personal and business banking, private wealth and global asset management divisions.

He has also worked as the chief information officer at ANZ and chair of ANZ Operations and Technology.

The bank also announced that group executive Gary Thursby will leave the bank.

However, in the meantime, Thursby will act as the chief information officer – following the departure of Craig Bright until Collary joins the bank.

“Gary has been instrumental in developing the organisation’s strategy, including Westpac’s fintech investments, as well as overseeing the implementation of open banking and driving efficiencies in the bank’s operations,” Westpac CEO Peter King said.

The bank has made a number of executive changes over the past few months.

Recently it hired former KPMG consultant Michael Rowland as the chief financial officer and former Deutsche Bank executive Anthony Miller to head its institutional bank.

And it was only two months ago when the bank announced that its head of consumer David Lindberg and Bright would leave the bank to take up global roles with other businesses.

Austrac woes

On Tuesday, the bank also revealed that about 175,000 ‘threshold transaction reports’ were not reported to Austrac and that about 365, 000 of transactions that were reported to the regulator might have incomplete or inaccurate information.

Banks need to lodge threshold transaction reports to Austrac when more than $10,000 is transferred out of Australia.

Westpac said that a bulk of the reporting issues related to a “range of complex scenarios where the legislation requires Westpac to exercise judgement on how multiple transactions maybe aggregated and whether a threshold transaction has actually occurred”.

The bank noted that not all the miss-reporting could result in a breach adding it will continue to engage with Austrac.