Westpac announces new deputy CEO

CFO Phil Coffey appointed as Gail Kelly's deputy, Peter King to replace him.

Westpac Banking Corporation (WBC) has appointed chief financial officer Phil Coffey as deputy chief executive officer, effective April 1.

In a statement, the lender said deputy CFO Peter King has been promoted to the role of CFO.

Mr Coffey will work with chief executive officer Gail Kelly on the bank's contribution to the government financial system inquiry, the lender said in a statement.

He will retain his responsibilities for strategy and mergers and acquisitions, the bank said.

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