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Former HSBC COO joins Westpac board

By Rhea Nath
2 minute read

He is expected to join the board mid-July, pending regulatory and Australian visa requirements.

Westpac has announced the appointment of Andy Maguire as an independent non-executive director.

Maguire brings over 35 years of experience in financial services to the bank’s board, including over five and a half years as group chief operating officer at HSBC Holdings, where he was responsible for operations, technology, real estate, change and transformation, and operational resilience.

Westpac chairman Steven Gregg highlighted Maguire’s calibre as a “highly respected global leader in digital transformation”.

“His deep experience in technology infrastructure in the banking sector will further strengthen the board and complement the skills of existing directors,” he said.

Maguire’s vast experience includes 16 years with the Boston Consulting Group, where he served as managing partner of the London office covering the UK and Ireland. He has also served as global head of retail banking and was a member of the firm’s global executive committee.

Presently, Maguire is chairman of UK banking software fintech Thought Machine Group and is an independent non-executive director of AIB Group, a financial services group operating predominantly in the UK and Ireland.

In its half-year results last week, Westpac said it had reached a critical milestone in its risk transformation with the completion of all 354 activities of the integrated plan, delivered through its customer outcomes and risk excellent program.

It also confirmed it was turning to technology simplification through the UNITE program, with work starting on 14 initiatives, including simplifying customer and collection systems.

Meanwhile, profit declined 16 per cent to $3.34 billion, with chief executive officer Peter King cautioning about a slowing economy and heightened competition in the banking industry.

NPAT excluding notable items was down 8 per cent from the prior corresponding period.