Changes take effect from 1 August, Andrew Thorburn, group chief executive, said in a statement.

Senior figures Michaela Healey, group executive, governance and reputation (who has indicated her intention to retire), Renee Roberts, group executive, enterprise services and transformation, and Gavin Slater, group executive, personal banking, are leaving the bank. Thorburn praised their “their long and loyal service at NAB”.    

Among the changes, the Business Banking division has been renamed as Business & Private Banking and will focus on NAB’s priority SME customers. This move will bring together the bank’s nabBusiness franchise and specialised Agriculture, Health, Government, Education and Community services along with Private Banking and JBWere, as well as the small business segment from Personal Banking.

This division will be led by Angela Mentis, holding the role of chief customer officer, Business & Private Banking, NAB said.

NAB said a new customer-facing business unit has been created, called Corporate & Institutional Banking. It brings together the Corporate and Institutional Banking businesses from within Business Banking as well as the Fixed Income, Currencies and Commodities (FICC) and Capital Financing businesses from within Products & Markets. The bank said that its Asset Servicing and International Branches will also sit within CIB.  
 
The bank said that Cathryn Carver will hold the role of chief customer officer, CIB, while an “internal and external executive search is conducted”.

Personal Banking becomes Consumer Banking & Wealth Management and will now include the distribution components of Wealth Management as well as its Personal Banking network. This division will include UBank.

Andrew Hagger will lead this business as the chief customer officer. Hagger will also continue to lead the sale process of NAB’s life insurance business, which remains on track for completion in the second half of calendar year 2016;

Products & Markets becomes Customer Products & Services and now includes Banking & Wealth products, Strategy, Digital, NAB Labs/Ventures, Marketing and Corporate Affairs.  This business will be led by Antony Cahill, holding the role of chief operating officer.

Enterprise Services & Transformation becomes Technology & Operations and also include the operating functions of the non-life Wealth Management business.

NAB said that while an internal and external executive search is conducted, Bob Melrose will lead this business as the acting chief technology and operations officer. The Risk function will now also include the Legal and Governance functions of the group and will continue to be led by David Gall as chief risk officer.

The Finance, People and Bank of New Zealand units are largely unchanged and will remain under the leadership of Gary Lennon, Lorraine Murphy and Anthony Healy respectively.  

The bank said its financial reporting will be adjusted to reflect the new organisational structure.