AMP chief executive Francesco De Ferrari said the “internal combination reflected AMP’s strategy” and followed the decision by Sally Bruce to step down as AMP Bank chief executive.
The AMP Australia business will be led by Alex Wade, currently chief executive of Australian wealth management.
Rod Finch, currently managing director of wealth products and platforms, has been appointed to take the role of managing director at AMP Bank, reporting to Wade, when Bruce steps down on 1 November 2019.
De Ferrari said: “The strategy we set out in August is focused on reinventing AMP to be a client-led, simpler and more growth-oriented business.
“Bringing together our bank and wealth management teams in Australia will drive a more integrated organisation better able to pursue the significant opportunity we see in providing more holistic wealth services for our clients.
“Closer integration of the businesses was part of our long-term plan, and with Sally’s decision to step down we have been able to accelerate our internal re-organisation.”
Before joining AMP, Wade was most recently the head of developed and emerging Asia for Credit Suisse Private Banking.
Finch joined AMP in 2013 after a 12-year career in retail and commercial banking in Australia and the UK.
Prior to joining AMP, Finch was director of strategy and customer value management for Lloyds Banking Group’s retail bank.