Lloyd will take responsibility for the St George Bank planners in addition to those in the wealth solution planning arm Securitor, following restructure of the group's retail businesses.

Both planning groups will remain independent channels under separate financial services licences.

The new structure sees also the banks debt solution group added into the wealth solutions portfolio.

According to Lloyd, there will be no redundancies brought about by the restructure.

"That not what this is about, it is about helping our financial planners find merged solutions for clients," Lloyd said. 

The shake up sees Paul Fegan, currently retail financial services division head, installed as new head of an integrated retail business and financial services division.

Current St George retail business division head David Gall becomes head of group strategy, responsible for managing the group's strategic investments and merger and acquisition activity.

Lloyd, who will report into Fegan, joins him on the bank's top policy-making executive management team.

"I welcome Geoff Lloyd onto the group executive team. With wealth management playing an increasingly important role in the group's future, this is a logical next step," St George managing director Gail Kelly said.

In August, St George announced the appointment of Lloyd as wealth management general manager overseeing the private bank, insurance, investment solutions, Advance Asset Management and margin lending.

The restructure resulted in the departure of Advance managing director Kate Mulligan and job losses within the funds management division.

The changes become effective from April 2.