BankWest will remain committed to the third-party distribution channel despite the loss of its key broker sales executive.
The lender's head of broker sales Phil Colton will leave the bank next month after four years at the helm of its third-party business and 22 years with the bank.
Following Colton’s departure, Mark Reid, the bank’s head of retail sales, will take a “more hands on approach with the broker division” with no replacement for Colton to be made.
BankWest’s broker sales state managers will also be given more responsibility to fill the gap left by Colton’s departure.
The bank said the changes, which will come into effect on 6 March, will have no impact on broker partners and emphasised that it remained focused on the broker channel.
BankWest was recently acquired by Commonwealth Bank.
The lender also recently announced that commissions with its major aggregation partners would be trimmed in line with those paid by other banks.
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