AMP Limited has merged its banking and wealth management businesses under a new banner, AMP Australia.

There is no change to AMP Life, which AMP has agreed to sell, or the role of the insurance unit’s leader Megan Beer.

The new AMP Australia business will be headed by Alex Wade, currently CEO of Australian Wealth Management. Rod Finch, currently MD Wealth Products and Platforms, becomes MD AMP Bank when current banking CEO Sally Bruce vacates her role in November.

“With Sally’s decision to step down we have been able to accelerate our internal re-organisation,” AMP Ltd CEO Francesco De Ferrari said.

New Zealand’s central bank blocked an agreed sale of AMP Life to Resolution Life in July when it refused to stamp the deal unless the buyer agreed to “ringfence” AMP’s New Zealand assets.

AMP said in August that a revised deal with Resolution Life has been agreed, and it will work with regulators in Australia and New Zealand to address concerns.

AMP expects the deal to complete in the first half of next year.