BNK chair steps down

BNK revealed the immediate departure of chairman and non-executive board director Jon Sutton on Wednesday (7 July).

According to the bank’s replacement chair, former deputy chairman Don Koch, Mr Sutton had advised BNK that he was stepping down due to ongoing commitments as chief executive of business lender Scottish Pacific (ScotPac).

Mr Sutton had been chair of BNK since November 2019, after being CEO and chief operating officer of Bank of Queensland as well as chief of Bankwest.

He was previously head of rural and agri banking at CBA.

Mr Sutton had also been a managing director of property and financial services consultant LRB Advisory.

He has been CEO of ScotPac since October.

Meanwhile, Mr Koch was interim CEO of BNK for seven months last year, after holding senior roles with ING.

He had been CEO and country manager of ING Italy, as well as CEO and managing director of ING Direct Australia.

The shuffle at BNK has come after it closed a $13 million raise from institutional investors in May.

The listed bank stated it would be using funding to support the growth of its loan book, provide general working capital and to back a securitisation program under its five-year alliance with Goldman Sachs.

[Related: AMP Australia revamps leadership team]

Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.

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