The council of the Australian Bankers' Association has elected Westpac chief executive Gail Kelly as its new chair. Kelly takes over from ANZ CEO Mike Smith. The council elected Bendigo and Adelaide Bank CEO Mike Hirst as deputy chair. He replaces Citi Australia chief country officer, Stephen Roberts. The EU Commission has imposed fines of €1.7 billion on six financial institutions involved in rigging interbank rates. According to Reuters, the banks fined were Deutsche Bank, RBS, JP Morgan, Citigroup, Societe Generale and a broker, RP Martin. EU antitrust regulators said they were continuing their investigations into manipulation of Libor, Euribor and other rate rigging. Point-of-sale payment system provider Smartpay has appointed Ben Stevens as its new chief financial officer. Stevens moves to Smartpay from PwC New Zealand, where he was a director. Bank of Sydney has appointed Ashley Bakes as its new head of international trade. Bakes was most recently an executive in the trade division at Citibank. Bank of Sydney was formerly Beirut Hellenic Bank (and before that Laiki Bank). It has a large customer base among people with links to Mediterranean countries.