ANZ has appointed Mike Norfolk to the role of head of private banking in Australia. Norfolk has moved to ANZ from Coutts and Co, the wealth division of Royal Bank of Scotland, where he was most recently head of private banking. Former Aussie chief executive, Stephen Porges, has been appointed CEO of the compliance and assurance company SAI Global. Porges will be paid a fixed salary of A$900,000 a year and will be entitled to short and long-term incentives. Westpac has launched an issue of asset-backed securities, seeking A$500 million of funding. Crusade ABS Series 2013-1 is backed by motor vehicle receivables originated by St George Finance Ltd. Fitch Ratings said in a pre-sale report that St George Finance's receivables had a "relatively low" level of defaults, with delinquencies greater than 30 days tracking at below three per cent.