Westpac is hoping to reach out to a greater number of potential clients in the sports and entertainment industries with the appointment of Grant Hackett to head its new wealth management team.

The Olympic gold medalist for swimming was brought in after the bank set up a dedicated division towards banking cashed-up sports stars under its retail unit. Hackett was initially hired as a relationship manager before he got promoted to lead the new team. Westpac has been sponsoring Hackett's sporting career for the past 10 years.

The move is meant to lure more of the well-paid sports elite to the bank's services, particularly in terms of wealth management and financial advice. Ex-Wallabies legend Tim Horan was also hired recently to work alongside Hackett in this endeavor.