Acting Westpac chief executive of New Zealand David McLean will continue to act in the role while a search is undertaken for Mr Clare’s replacement.
Mr McLean was previously based in New York as head of the Americas division for Westpac.
Westpac chief executive Gail Kelly thanked Mr Clare for his contribution to the group since joining in 2008.
“Peter played a very important role in executing the merger with St George Bank,” said Ms Kelly.
“He successfully led our product and operations division and established a strong platform on which the group continues to build.”
Ms Gail said since Mr Clare’s appointment as chief executive of New Zealand he has delivered “all-round solid results”.
