The changes, which are subject to regulatory approval, include renaming the personal banking division ‘Consumer Banking and Wealth Management’, including distribution components of both businesses.

NAB Wealth’s current group executive, Andrew Hagger, will lead this division as the chief customer officer for consumer banking and wealth management.

Meanwhile, operating functions of the non-life wealth management business will join 'Technology & Operations'. 

Further, the products and markets business will become ‘Customer Products and Services’ and will include banking and wealth products as well as the strategy, digital, NAB Labs/Ventures, marketing and corporate affairs teams.

Antony Cahill, currently NAB group executive for products and markets, will head up this business as chief operating officer.

Other changes include the renaming of business banking as ‘Business and Private Banking’ – with a focus on SME customers – as well as the creation of a new customer-facing business unit, to be known as ‘Corporate and Institutional Banking’.

As a result of the restructure, three executive members will depart, including group executive for personal banking, Gavin Slater; group executive for enterprise services and transformation, Renee Roberts; and group executive for governance and reputation, Michaela Healey, who had indicated plans to retire.

The changes are effective from 1 August, the statement said.

“These changes will bring greater momentum and energy to NAB’s goal of creating a simpler, more customer-focused organisation that delivers better outcomes for customers as well as shareholder returns,” said Andrew Thorburn, NAB Group chief executive.

“With the sale of 80 per cent of the life insurance business to Nippon Life nearing completion and other major legacy issues dealt with, we have the opportunity to look to the future and the structure and the leaders to drive the next stage of change. We have made a lot of progress in our core business, but another step change is now needed.”