Westpac chief financial officer Phil Coffey has been promoted to the role of chief executive Gail Kelly’s deputy.

In the newly created position, Mr Coffey will work directly with Mrs Kelly on “critical strategic issues”, Westpac said on Friday, including overseeing the bank’s contribution to the federal government’s inquiry into the financial system.

Mr Coffey has been an executive at Westpac for 12 years, including eight as chief financial officer.

Westpac’s deputy CFO Peter King will step up to fill Mr Coffey’s position.

The changes take effect on April 1.