Westpac cleans house

BUSINESS: 

Westpac Bank says it is confident that changes to its board will help restore its reputation in the wake of legal action regulatory authorities have launched for the bank’s failure to respond adequately to the use of its foreign transactions systems by paedophiles.

A Westpac spokesperson said the first step in the bank’s plan to rehabilitate its public image was the appointment of Prince Andrew to chair the bank’s board of directors, replacing Lindsay Maxsted who had been chair since 2011.

At a news conference (main picture) Prince Andrew said he was pleased to have been offered the job.

“It’s quite fortuitous because right now I’ve got really nothing much on my plate in terms of workload,” His Royal Highness explained.

“I understand that Westpac has been acting in  a manner somewhat unbecoming.

“But I am in a good position to help out because of my experience and networks in the business world.

“In particular an American chap I hung around with until his recent unfortunate demise helped in that regard.

“The people that I met and the opportunities that I was given to learn either by him or because of him were actually very useful.

“I am looking forward to my new role at Westpac and the only drawback I can see is my tendency to be too honourable.

“But that’s what banks are all about, right? Being honourable, or even too honourable.

“That’s what I intend to be also, no sweat,” Prince Andrew said.