Anthony Miller has been named Westpac’s next chief executive, with incumbent CEO Peter King announcing his retirement after five years at the helm of Australia’s oldest bank.

Currently heading Westpac’s business and wealth division, Miller – previously tipped as a future CEO of the banking group – will succeed King in December.

Miller joined Westpac in 2020 to head its Institutional Bank (WIB). In August 2023 he was appointed chief executive of the group’s business and wealth division as part of a wider executive reshuffle.

Miller has been praised for his role in reinvigorating Westpac’s previously flagging institutional arm, which over the last decades has lost considerable market share to corporate banking rivals NAB and ANZ. Last year, WIB reported a 54 per cent jump in net profits, hitting $1.06 billion, representing a significant portion of the group’s overall profit growth in FY23.

During Miller’s three-year tenure as WIB chief, the division also pursued an overhaul of its core technology systems, inking a deal with UK banking-as-a-service (BaaS) developer 10x in 2022 to develop a new transaction platform.

Prior to joining Westpac, Miller served as co-head of Deutsche Bank’s APAC Investment Banking arm, and earlier a three-year stint as chief executive of its Australia and New Zealand division.

Previously, he spent 16 years at Goldman Sachs, with senior roles in Sydney and Hong Kong, including as partner.

Westpac chair Steven Gregg hailed Miller as a “standout candidate”, an “exceptional leader”,  and an “individual of integrity”.

“He has deep expertise in financial services and global banking and has built a considerable track record of delivery over 25 years,” Gregg said.

“Anthony is ambitious for the future of Westpac and its customers. Since joining Westpac in 2020, he’s put the Institutional Bank on a path to reclaiming its leadership position. He’s spent the past year leading Business & Wealth, restoring growth and focusing on customers.”

Outgoing chief executive Peter King said Miller had “proven he has what it takes to deliver for customers, employees and shareholders”.

“He’s an experienced banker, with customers at the heart,” King said.

He added: “As a result of the hard work completed over the past five years, Westpac is now a simpler, stronger bank, with an improved risk culture. The company is well-placed for its next phase under Anthony.”

Gregg also recognised the outgoing King’s substantial contributions over his three decades with Westpac, the last five as CEO, acknowledging his role overseeing an extensive rebuilding, simplification, and transformation program at Australia’s oldest bank.

Under King, Westpac embarked on its post-Royal Commission risk remediation program, CORE (Customer Outcomes and Risk Excellence), completed this year, exited ten businesses, and commenced its wholesale technology simplification program Unite, promising an “upgraded technology foundation” for the big four bank.

“Peter has done an outstanding job as CEO of Westpac,” Gregg said.

“He stepped in at a very difficult time in 2019, steering the company through several regulatory challenges and the Covid pandemic.

“Since then, Peter has provided much-needed stability to the bank while transforming risk management. He simplified the company’s portfolio of businesses and returned it to growth in key divisions. He’s now begun the critical task of technology simplification, which will continue under Anthony.

Gregg concluded: “Peter’s time as CEO will forever be defined by his courage and commitment to Westpac. He leaves a significant legacy and we owe him a great debt of gratitude.”