ANZ Bank marketing chief Payn resigns, Thursby to take on role

Friday 3rd April 2009

Australia and New Zealand Banking Group, owner of New Zealand's biggest combined lender, said Margaret Payn, its director for strategy and marketing, has resigned.

Payn's responsibilities will be taken on by Alex Thursby, the bank's CEO Asia Pacific, Melbourne-based ANZ said in a statement. David Cartwright, head of operations, technology and shared services, will take on Payn's responsibility for strategic cost management it said.

Group CEO Mike Smith said Payn led development of the bank's One ANZ business model and the development of its strategic cost agenda. The changes are effective on June 1.

Shares of ANZ rose about 4% to A$21.05 on the ASX today, joining a rally in financials.

In February, the lender said it would cut dividend payments by 25% this year and may raise more capital as bad debts increase.

Its New Zealand unit, ANZ National Bank, raised US$1 billion selling bonds overseas last month, invoking the government's wholesale guarantee.

Businesswire.co.nz

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