Westpac is expected to appoint former ANZ Bank chief John McFarlane as its next chairman tomorrow, replacing Lindsay Maxsted after a money-laundering scandal engulfed the lending giant.
as its next chairman on Thursday, replacing Lindsay Maxsted after a money-laundering scandal engulfed the lending giant.
Former finance chief Peter King is currently acting as CEO and is viewed as a key internal candidate to be CEO in the long-term, but some investors are keen for the board to bring in an external hire as the next chief executive.The source said the board had opted for Mr McFarlane in part because it needed a "change agent" with extensive retail banking experience, a strong track record, and a deep understanding of Australia's banking market.
after the regulator AUSTRAC alleged it breached anti-money laundering rules 23 million times last year.
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