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Australia’s two largest banks – the Commonwealth Bank of Australia (CBA) and Westpac – have announced new appointments to their third-party distribution leadership teams.
Baber Zaka has been appointed as GM, third-party banking at CBA, while Sarah Willsallen and Warren Shaw have been appointed as Westpac’s head of broker distribution and national GM of home lending, respectively.
Zaka enters his new role with a wealth of experience in the finance industry across Australia and the UK spanning two decades. CBA’s executive GM home buying, Dr Michael Baumann, said Zaka was responsible for delivering “a number of system changes and improvements to [help brokers] grow their businesses” as chief operations officer since he joined the third-party banking team in 2020.
“Baber not only brings a lot of technical and industry knowledge to this role, but his commitment to helping broker businesses to thrive is unquestionable,” Baumann said.
Zaka said: “Having worked closely with brokers for the past five years, I know how important it is to have the right foundations and strong relationships, and this will remain a priority for me and the team.
“I’m also excited to see how we can further make our processes simpler and easier, and ultimately give our brokers more confidence to grow their businesses with us.”
Zaka will take over the role from Razia Khan, who will move onto the role of CBA’s GM, premier banking.
Willsallen (currently Westpac’s state GM, mortgage broker distribution in NSW and ACT) carries more than 15 years of generalist experience across the banking, mortgage broker, product sales, tech, B2B services, and solutions industries across Australia and the Asia-Pacific region.
Shaw, who according to Westpac is a “proven leader” in the third-party channel, had a distinguished career at NAB where he served as executive GM of retail banking, overseeing branch and contact centre operations across Australia. He also held the role of GM for mortgages at NAB.
Damien MacRae, managing director, mortgages at Westpac said: “We want to be the bank of choice for brokers and customers, and are continuing to invest in delivering market-leading service, competitive products, and new digital innovations to make it simpler and faster to do business.
“Sarah’s appointment to the role of head of broker distribution, recognises her eight years leading mortgage broker distribution for Westpac in NSW and the ACT. She has also played a significant role advocating for female representation in broking and financial services, as recognised in 2023 with her winning of the Westpac Carla Zampatti Woman of Influence Award.
“I also want to recognise the immense contribution Warren has made to our third-party proposition, and the broker industry more broadly during his nine years in the Head of third-party distribution role. This experience sees him strongly positioned to support more of our customers into home ownership, in a new role supporting our first party focus.”
Both of Westpac’s appointees will commence with their new roles on 11 February 2025.
A ‘win’ for mortgage brokers
Reacting to the appointments, managing partner at FirstPoint Mortgage Brokers, Troy Phillips, told Broker Daily that these moves from the major banks are “positive developments for the mortgage broking industry”.
“Both are well-credentialed bankers, and their selection reflects a clear recognition of the importance of the third-party channel. I’m sure they’d like a digital solution but right now third party is the biggest game in town for retail banking. I’m not seeing a change in strategy anytime soon,” Phillips said.
“It’s evident that the major banks ensure their senior leaders gain exposure to the broker distribution channel as part of their career progression. This trend underscores the significance of the channel, not just for brokers but also for the banks themselves.
“Brokers are now a critical pillar of banks’ retail strategies, with the majority of new loans originating through this channel.”
Phillips further said that these appointments do not appear to “signal a radical shift in strategy” regarding the banks’ third-party stance, but rather represent a “reinforcement of the banks’ commitment to brokers”.
“They recognise that working collaboratively with brokers is not just good business – it’s essential to delivering the best outcomes for borrowers,” Phillips said.
He said that it’s likely the other major lenders will make similar moves in leadership.
“The third-party channel has evolved into a fundamental component of retail banking, and this trend will continue as lenders align their senior management to capitalise on this critical channel,” Phillips said.
“These appointments should be seen as a win for mortgage brokers, reflecting our value and the banks’ recognition that we are integral to the lending landscape.”
However, principal finance broker at Unconditional Finance, Chris Raymond, said that the appointments “may indicate a potential shift in strategy regarding broker distribution".
“These leadership changes often reflect an intention to realign priorities or adapt to evolving market conditions. From a broker’s perspective, these appointments warrant close attention, as they could influence the way these banks engage with the broker channel,” Raymond said.
“I would hope that strategy going forward supports an increased focus on broker partnerships including strengthening broker relationships, streamlining processes, or improving service offerings in response to increased competition in the market.”
Raymond echoed Phillips’ sentiment about the other major lenders making similar appointments in the near future, often coming as part of a broader strategy or industry-wide trends.
“With ANZ and NAB also heavily reliant on broker distribution, it would not be surprising if they assess their leadership structures to stay competitive and responsive to broker feedback,” he said.
“From a broker’s perspective, leadership changes like these present both opportunities and challenges.
“On one hand, they may lead to improvements in communication, technology platforms, or service delivery that benefit brokers and their clients. On the other hand, brokers remain cautious about the potential for shifting priorities that could impact support or product accessibility.”
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