St George Lures Citi Man
The Age
Tuesday April 8, 2008
THE smallest of Australia's top-five banks has poached the head of one of the largest international financial institutions in the region to run its 400-strong retail branch network.
In a coup for St George's recently appointed chief executive, Paul Fegan, Citibank's boss for Australian consumer banking, Les Matheson, will join the NSW-based bank in June. But Mr Matheson's role will not include the wealth management operation. Mr Fegan has decided to unwind part of the shake-up of the bank by former chief executive Gail Kelly. Mrs Kelly quit St George in August to join Westpac as chief executive. Mr Matheson's appointment follows the confirmation of St George senior executive Geoff Lloyd as the head of wealth management. Mr Matheson's job gives him control of a division that last year contributed pre-tax profit of $773 million to the group's net earnings of about $1.1 billion.He said yesterday that family reasons were mainly behind his decision.Mr Matheson, originally from Scotland, said he became an Australian citizen last year, his two teenage sons and wife were settled here and he was keen to stay in Sydney. He denied that the financial troubles of Citigroup in the US, which has been caught in the subprime loans meltdown, had prompted his decision. Citibank's head of credit cards, Roy Gori, has replaced Mr Matheson.
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