The role of AMP Bank managing director has been elevated in a management reshuffle at AMP Group, as new chief executive Alexis George starts to put her stamp on the company.

AMP Bank MD Sean O’Malley will join the group’s executive committee. O’Malley has been in the role since April. He has worked at AMP Bank since 2013, working in technology, operations and customer-facing roles.

The elevation of the head of the bank to the group executive committee reflects the fact that with AMP Capital’s private markets business to be demerged, banking will take on a bigger role in the overall fortunes of the group. It also reflects George’s ambitions for the bank.

The bank reported net profit of A$88 million for the six months to June, a 76 per cent increase over its $50 million profit in the previous corresponding period. The bank’s profit was around 40 per cent of group earnings.

S&P Global Ratings has estimated that the bank will dominate group earnings when the demerger of the private markets business is completed.

Other executive changes at AMP include a plan to appoint a chief technology officer to join the executive committee.

The head of people and corporate affairs, Helen Livesey, is leaving AMP later this year. Current group director people and culture, Rebecca Nash, has been appointed chief people officer and will join the executive committee after a handover with Livesey.