(Adds background on appointment, money-laundering scandal)
April 2 (Reuters) - Westpac Banking Corp (WBC) named Peter King as its chief executive officer on Thursday, entrusting the insider to steer the lender through the fallout from Australia's biggest money-laundering scandal that saw his predecessor resign.
King, a 25-year veteran of the country's no.2 lender, will stay in the role for two years, Westpac said.
He has been serving as interim CEO since Brian Hartzer stepped down late last year after the bank was charged by an Australian regulator for breaching anti-money laundering laws which potentially facilitated child exploitation.
Chairman John McFarlane, who also joined the bank following the scandal, said the CEO and the group executive annual short-term variable rewards for 2020 would be canceled due to the breach of anti-money laundering laws.
King said Westpac will be focused on responding to the coronavirus crisis gripping the world.
"Given the impact of the Coronavirus on the economy and the level of uncertainty, while it is difficult to make a reasonable assessment of its potential impact at the moment, we expect to see a rise in our credit provisioning this year and probably beyond," McFarlane said.
News: WBC UPDATE 1-Australia's Westpac appoints insider King as CEO
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