Westpac Banking Corp on Wednesday said it would split its consumer and business banking business into two, with each having its own CEO, effective Aug. 1.

The bank said Chris de Bruin, currently head of the combined unit, will leave and named Jason Yetton as CEO of the consumer business and Anthony Miller as CEO of the business and wealth division.

Westpac also promoted Nell Hutton to head its institutional bank unit.

These changes come at a time when Australia's biggest banks are reeling under the pressures of increased interest rates, which have contributed to slowing credit growth.

The Reserve Bank of Australia has raised interest rates by a whopping 400 basis points in just 14 months.

(Reporting by Harish Sridharan in Bengaluru; Editing by Savio D'Souza)