New banking group appoints former ING CEO to board

BNK is a diversified financial services company with a banking and mortgage broking aggregation arm, which was formed following the merger of WA-based lender Goldfields Money with Finsure Group in September 2018.

Currently, the lender operates as Goldfields Money in the Goldfields region of WA, with the Better Choice Home Loans brand distributing its loan products nationally.

It is expected that BNK Bank will be launched as a brand in its own right later this year.

Finsure will continue to operate as an aggregation company and will provide “valuable market insights that assist BNK with product development”.

As the banking corporation revamps, the bank has also begun bringing in new representation on its board of directors.

The most recent addition to the board is a former CEO of ING’s Australian and Italian businesses, Don Koch, who has more than 30 years of experience in the global financial services sector, both in board and senior management positions.

Mr Koch was CEO of ING Bank in Australia from 2009 to 2012 before transferring to become CEO of ING Bank Italy from 2012 to 2016. He has also been chief operating officer of TMB Bank in Thailand, along with various roles at the Commonwealth Bank of Australia and Citibank Australia.

Most recently, Mr Koch was the program executive for ING Asia, as part of a joint venture with a large local bank within China.

He will commence his role as a non-executive director of BNK Banking Corporation on 11 June 2019.

BNK’s non-executive chairman, Peter Wallace, said he was “delighted that such a high-calibre executive is joining BNK”, adding that Mr Koch had a strong understanding of digital banking from a technology, operational, strategic and governance perspective.

“Don is an excellent addition to the board,” he said.

“He brings highly relevant industry experience in digital banking gained from an impressive career as a senior leader with ING. He has a wealth of expertise in business strategy, along with demonstrated achievements in digitisation, customer journey experience, governance models and marketing, specifically related to digital banking.

Mr Wallce continued: “As we focus on delivering our growth plans, I am confident the board has the right mix of skills to provide appropriate guidance and oversight to our executive team.”

Speaking of his appointment as non-executive director, Mr Koch said he was “excited” by the opportunities at BNK.

“I am delighted to be appointed to the board of BNK,” he said.

“The work that has been done over the last three years has set BNK up to be a significant challenger bank in Australia. The combination of great products, good people, a large distribution capability and no legacy technology issues are vital ingredients to build a successful digital banking business.”

Mr Koch concluded: “I hope that with my experience, I can help the board of BNK deliver further success and, ultimately, great returns for shareholders over time.”

[Related: Bank rebrand greenlighted ahead of new market launch]