Westpac Banking Group chairman Ted Evans has announced plans to retire at the end of 2011, after the company's annual general meeting.

Mr Evans is to be replaced by Lindsay Maxsted, a Westpac director who is also on the board of BHP Billiton.

Mr Evans was at the helm when the global financial crisis of 2008-2009 struck and he is credited for having seen the bank through the difficult period.

The recent takeover of St George Bank, which made Westpac the second-largest financial institution in terms of market capitalization, was also a major achievement for Mr Evans.

He said in a statement that "with the success of the St.George merger now assured, and the group performing very strongly under our talented and stable management team, I judged the time right to announce my retirement."

A more recent achievement for Mr Evans was the conclusion of a general cooperation agreement with The Export-Import Bank of China that is seen to boost Westpac's bid to attract more trade and capital funds from China and support more development projects in Australia's infrastructure, energy, minerals and agricultural sectors.

Mr Evans joined Westpac in 2001, eventually becoming the chairman in 2007.

His successor, Mr Maxsted, is currently head of the board's audit committee. He has been on the Westpac board since 2008, bringing with him a reputation as an "insolvency specialist," finance analysts say.