Westpac Institutional Bank will set out to grow its balance sheet, but trim investment while focusing on “capability”. WIB is setting out to be “a leader, and not the largest” in institutional banking, Nell Hutton, incoming CEO of WIB told an investor briefing on Thursday. “Give us three to five years to get there.” “WIB is competing,” Anthony Miller, the current CEO, said. In the interim, it’s doing that by getting smaller. “We’ve exited products, geographies and clients” Miller said. “We’ve started to grow in FY23.” “The majority of the work we need to fix and streamline our processes is nearly complete. “Our top priority is to uplift our cash management capability. We will have the best transactional payments platform in the marketplace.” The bank is giving away margin to grow, at least in foreign exchange. “FX Live volumes are up 47 per cent and revenue is up 29 per cent,” Hutton said. Hutton also talked up ‘Westpac One’ a new core banking platform for WIB. Jeff Byrne, head of global transaction services, said the bank “made the decision to rebuild the transactional banking tech stack, into a new environment with the minimum of legacy systems. “This is the beginning of the Westpac One core Nell referred to.” Hutton replaces Miller as WIB CEO from October 1.