Brian Hartzer Leaves ANZ For Royal Bank of Scotland

Post by Sharat on May 5, 2009 · Under Australian Economy, Company News, banking, news · Comment

There has been speculation for months that the ANZ’s Australia chief was not happy and a likely candidate to leave. On Sunday Australian banking major ANZ announced the departure of long time and well respected executive Brian Hartzer. Mr. Hartzer is said to have decided to leave in order to pursue a role in International banking.

On Monday, troubled UK banking giant RBS is thought to be announcing the imminent appointment of Mr. Hartzer as head of its retail operations.

Mr. Hatrzer is thought to be assuming the roles held by Gordon Pell, deputy Managing Director of RBS and who is one of only two executives left at the bank that were part of disgraced chief executive Sir Fred Goodwin’s inner circle.

The appointment of Mr. Hartzer to a senior executive role with RBS is seen as stepping stone for his route to that of potential heir apparent to current RBS Chief Executive Stephen Hester.

ANZ is a leading contender to buy or acquire a large portion of RBS’s Asian banking portfolio, so the move was probably executed and timed in such a way so as to avoid any appearance of impropriety.

Mr. Hartzer was a major figure within the ANZ organization and his resignation will most certainly represent a big loss of a major talent to the bank. During his tenure, Mr. Hartzer established ANZ as the top performing retail bank in its domestic market Australia.

Mr. Hartzer’s short term replacement will be Graham Hodges whom after returning to Australia from running ANZ New Zealand business has assumed the role of deputy managing director.

Mr. Hartzer’s boss prior to current CEO Mike Smith, was John MacFarlane who ironically now sits on the board of directors for his new employer RBS

Hartzer was passed over in the race to succeed MacFarlane at ANZ, largely because at 40 it was felt he lacked the experience and was still to young to assume the position of Chief Executive. ANZ Chairman Charlie Goode also wanted someone with deep Asian experience, and it was felt that current Chief Executive former HSBC man Mike Smith fit that criteria better.

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