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Tech & Science Westpac's Peter King secures CEO role

09:57  04 april  2020
09:57  04 april  2020 Source:   msn.com

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Westpac has made Peter King its chief executive , who had been acting in the role . Image by Mick Tsikas/AAP PHOTOS. Mr King takes the role after 25 years at the bank. Mr King rose to the interim position after Mr Hartzer announced in November he would be stepping down and replaced on an

Westpac has permanently appointed Peter King as chief executive on a .4 million salary with incentives. Mr King takes the role after 25 years at the bank. Mr King rose to the interim position after Mr Hartzer announced in November he would be stepping down and replaced on an interim basis.

Westpac CEO Peter King speaks at the Westpac Annual General Meeting (AGM) at Darling Harbour in Sydney, Thursday, December 12, 2019. (AAP Image/Mick Tsikas) NO ARCHIVING © AAP Image/Mick Tsikas Westpac CEO Peter King speaks at the Westpac Annual General Meeting (AGM) at Darling Harbour in Sydney, Thursday, December 12, 2019. (AAP Image/Mick Tsikas) NO ARCHIVING

Westpac has permanently appointed long-serving Peter King as chief executive on a two-year contract.

Mr King had been chief financial officer prior to being chosen as acting chief executive in November when former boss Brian Hartzer stepped aside amid the bank's money laundering and child exploitation scandal.

The appointment comes a day after new chairman John Mcfarlane took the reins from Lindsay Maxsted, who had brought forward his retirement to March 31.

Mr King said he was focused on responding to the COVID-19 outbreak and supporting customers.

Mr King has worked at Westpac for 25 years.

Mortgage lending fell as COVID-19 loomed .
The value of new mortgages fell in February, even before the most serious coronavirus lockdown measures were in place. Economists had tipped the total value of housing loans to slow from 4.6 per cent growth in January as the COVID-19 outbreak emerged into the national consciousness.But a $1.26 billion decline in the total value of housing loans to $19.46 billion was well at odds with the predicted 1.5 per cent increase.The value of owner-occupier, investor and fixed-term personal lending went backwards during the month.Owner-occupiers took out $14.15 billion in mortgages during February, down 1.

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