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AMP to merge banking, Australian wealth management units

AMP Ltd. will merge its banking and Australian wealth management business units into a single organization to be called AMP Australia.

The move comes after AMP Bank Ltd. CEO Sally Bruce's decision to step down, effective Nov. 1, according to an Oct. 10 release.

Alex Wade, who is currently CEO of AMP's wealth management unit, will lead AMP Australia. In addition, Rod Finch, currently managing director of wealth products and platforms, will assume the role of managing director of AMP Bank upon Bruce's departure.

In August, The Australian reported that AMP was in talks with investment bankers regarding a potential sale of its banking division.