The topsy turvy bank that is Westpac has decided - for the third time in 20 years - that there is strategic clarity in combining the consumer and business banking divisions.

Chris de Bruin, the retail chief, will be prince of the profit engine of the bank.

Or what should be the profit engine of the bank, if it were not that the multi-brand strategy of Westpac is a dog, the tech transformation story is embryonic and Westpac's voice in industry affairs has almost vanished.

Guil Lima, the current head of the business division will leave Westpac next week after little more than a year with the bank.

Peter King, Westpac’s CEO, in a statement supplied a rationale with the imprint of his chair, John McFarlane, all over it.

“The combined division will drive simplification of banking and help to reduce cost, including by consolidating support functions,” King said.

The change will enable more efficient utilisation of common assets such as branches and call centres, and better capitalise on the work underway to improve our capabilities, particularly in service, digital and data.”