Westpac says institutional bank chief to retire

(Reuters) – Australia’s Westpac Banking Corp said on Friday the head of its institutional bank was retiring from the lender, adding to a string of management changes since a major money laundering scandal last year.

The departure of Lyn Cobley, a 5-year veteran of Australia’s second-largest lender, comes just days after the lender said retail banking head David Lindberg and Chief Information Officer Craig Bright were leaving the bank to take up new roles outside Australia.

Last week, Westpac also named an insider to a newly created role overseeing financial crime and compliance with the firm caught up in allegations of enabling payment by known child sex offenders.

Group Treasurer Curt Zuber will act as the chief executive of Westpac Institutional Bank from 1 July till a permanent candidate is appointed.

(Reporting by Shreya Mariam Job in Bengaluru; Editing by Aditya Soni)