Westpac has named the head of its business and wealth division as its next chief executive and managing director.

Anthony Miller will succeed Peter King on December 16, the bank announced.

King is retiring after a 30-year career with Westpac, including five years as chief executive.

Westpac chairman Steven Gregg said Miller was the right person to take Australia’s oldest corporation into a new era.

“Anthony is an exceptional leader. He’s an individual of integrity and he’s ready to lead Australia’s oldest company.

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

Before joining Westpac in 2020, Miller was Deutche Bank’s chief executive of Australia and New Zealand and co-head of its investment bank for the region. He also spent 16 years at Goldman Sachs, including as a partner.

“Westpac is an exceptional company that plays a profoundly important role in the lives of millions of Australians,” Miller said.

“I’m excited by the opportunity and I’m grateful for Peter’s significant contribution as CEO. My aspiration is to build on that work and unleash Westpac’s true potential.

Gregg praised King’s performance as chief executive, saying he stepped into the company at a difficult time in 2019 - in the aftermath of the banking royal commission - and steered the company through regulatory challenges and the Covid-19 pandemic.

“Since then, Peter has provided much-needed stability to the bank while transforming risk management,” Gregg said.

King also simplified the bank’s portfolio of businesses, returned it to growth in key divisions and had begun the task of technology simplification, which will continue under Miller.

A graduate of Queensland University of Technology and Griffith University, Miller will receive the same renumeration package as King - a fixed salary of A$2.5 million ($2.7m), plus the possibility of earning up to another A$8.4m in short and long-term bonuses.

- AAP