Westpac faces CEO AML choice

Ian Rogers
David McLean, CEO of Westpac New Zealand Limited, may be the most suitable fill-in for Brian Hartzer should the bank's current CEO be forced to resign, but like every member of the Westpac group executive team McLean bears a level of responsibility for the "systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act" alleged this week by Austrac.

The Westpac board is holding an emergency meeting today, The Australian reports.

One of the Davids - McLean or Lindberg - may find themselves installed as interim CEO of Westpac before long -  very soon even - as the clamour for accountability at Westpac reaches a deafening pitch.

With Westpac since 1999, McLean has worked for the bank almost entirely in New Zealand during his 20 years with the group and has 4.5 years under his belt as local CEO.

A more familiar name in local investment circles is David Lindberg, the bank's chief executive, consumer since April this year.

Prior to this appointment, Lindberg was chief executive of Westpac's business bank from June 2015. He was chief product officer and also responsible for the group's digital activities and has extensive executive experience at Commonwealth Bank at ANZ.