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Retiring Commerce Minister Simon Power will join Westpac in January in the role of Head of Private Bank.
Announcing the appointment, Westpac ceo George Frazis said Mr Power brought a range of skills and expertise to the position which fitted well with the purpose and focus of Westpac's private bank - the banking service for Westpac's premium personal customers.
"We are enormously excited to be joined by someone with such an outstanding record of leadership and achivement at the highest level," Mr Frazis said.
Mr Power, 41, is leaving parliament after serving as the MP for Rangitikei for the past 12 years and as a cabinet minister for the past three, including as Minister for commerce and Associate Minister of Finance.
"This is the beginning of a new and exciting chapter in my career. One of my objectives afer leaving parliament is to contribute to the growth of New Zealand in the private sector and I feel that with my experience in working with and implementing change I can do that," he said.
Mr Power's March announcement that he would stand down from Parliament after the November 26 election came as a surprise to many, with Prime Minister John Key saying he was "stunned and flabbergasted".