Briefs: Change up at Westpac NZ, ASB starts compo payments 04 May 2021 3:45AM Banking Day staff Westpac, Appointments, CBA, Finance regulation Westpac NZ CEO David McLean will step down from the role 25 June 2021, after being with the bank for 22 years, in various roles. He has led its New Zealand operations as CEO since June 2014. Following McLean’s retirement, Simon Power, General Manager Institutional and Business Banking, will act as CEO while a global search for a permanent replacement is undertaken. CBA’s New Zealand subsidiary ASB has begun making NZ$8.1 million in compensation payments to around 73,000 borrowers who had home loans and personal loans with the bank between June 2015 and July 2019. This follows a deal reached with the Commerce Commission, after the bank self-reported to the regulator that it may have failed to follow its own procedures when borrowers asked to make changes to their loans. People with affected loans drawn down prior to June 6, 2015 would receive $68, the bank said. People with affected loans drawn down on or after that date would receive $135.