Sharechat Logo

Brendan O'Donovan to take Cooperative Bank chair in June

Monday 12th March 2018

Text too small?

Cooperative Bank director Brendan O'Donovan will take over the lender's chair in late June, replacing Steven Fyfe who plans to retire at the bank's annual meeting. 

Fyfe today announced he wouldn't seek re-election at the June 28 annual meeting, having sat on the board since 2011 and held the chair since 2012, Cooperative Bank said in a statement. He'll be replaced by O'Donovan, a former chief economist at Westpac Banking Corp, who joined the board in 2012. 

The new chair of the board coincides with a new chief executive after David Cunningham's appointment last year, and the subsequent hiring of former NZX chief financial officer Bevan Miller to take the same role at the lender. 

Cooperative Bank was granted a banking licence in the latter half of 2011 and rebranded from its former incarnation as PSIS when it had 127,000 customer-owners.

The lender reported a net profit of $9.2 million in the nine months ended Dec. 31, up from $8.4 million a year earlier, on a 5.9 percent increase in net interest income to $41.5 million. As at Dec. 31, the lender had $2.27 billion of loans and advances and $2.17 billion of deposits. It pays its earnings out as a rebate to customers. 

The lender issued $15 million of 10-year subordinated notes paying annual interest of 6 percent and listed them on the NZX's debt market last year. The notes last traded at $103.053 per $100 face value, representing a yield of 5.25 percent.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar holds near 15-month high vs pound as Brexit woes threaten May's leadership
MARKET CLOSE: NZ shares gain as defensive stocks find favour; Contact, Meridian rise
NZ dollar firm against greenback as risk appetite ticks up
Cleantech start-up Mint Innovation raises $5.2M to prepare for commercial deployment
BurgerFuel starts full strategic review of business
NorthWest hires lobbyist to solicit Vital Healthcare votes
Greater transparency sought in gas sector
Cap proposed for transmission pricing changes
Ryman Healthcare: service provider or property play?
Wrightson shareholder Agria settles US fraud, market manipulation claims

IRG See IRG research reports