AMP names new banking head following restructure

AMP Limited has announced that it will combine its banking and Australian wealth management businesses into one organisation to be named AMP Australia. As part of the restructure, Rod Finch, currently managing director, wealth products and platforms, has been appointed as managing director, AMP Bank.

Finch joined AMP in 2013 after a 12-year career in retail and commercial banking in Australia and the UK. He served as AMP's director, customer transformation and director, customer segments and marketing before being appointed managing director, wealth products and platforms in 2018.

Finch will replace current AMP Bank CEO Sally Bruce, who is stepping down on 1 November 2019. Finch will report to Alex Wade, currently CEO of Australian wealth management, who has been appointed as AMP Australia's chief executive officer.

AMP chief executive Francesco De Ferrari said of the changes: "Bringing together our bank and wealth management teams in Australia will drive a more integrated organisation better able to pursue the significant opportunity we see in providing more holistic wealth services for our clients."

He added: "Closer integration of the businesses was part of our long-term plan, and with Sally's decision to step down we have been able to accelerate our internal re-organisation."