Westpac poaches senior CBA exec

The head of institutional banking at Westpac is leaving after almost 30 years with the company and will be replaced by one of Commonwealth Bank of Australia's most experienced executives.

Rob Whitfield has held many senior roles at Westpac since joining as a graduate in 1986, and reportedly was a candidate to replace former chief executive Gail Kelly.

But six months after being overlooked in favour of new chief executive Brian Hartzer, Westpac's second-highest paid executive has decided to "pursue new and interesting challenges".

He will leave on July 10 and be replaced in September by CBA's current head of retail products and third party banking, Lyn Cobley.

Ms Cobley is also a highly-regarded banking veteran, serving as CBA's treasurer through the global financial crisis, and with previous experience at Barclays and Citibank.

"Her passion for customers and the people she leads means she will be a strong cultural fit for Westpac," Mr Hartzer said.

She will lead a major division of Westpac's business, which serves major corporate and commercial clients in Australia, New Zealand and Asia, and includes six separate businesses.