Co-operative Bank names McLachlan as CEO, FY profits fall

The Co-operative Bank, formerly known as PSIS, has appointed Bruce McLachlan as its new chief executive. The bank announced a fall in full-year profits.

McLachlan whose appointment is subject to approval by the Reserve Bank will take over from acting chief executive, Gareth Fleming. The bank's former chief executive, Girol Karacaoglu left to become a deputy secretary at the Treasury on March 1. Fleming will return to his role as general manager of marketing and products.

Profit fell $200,000 to $7.4 million, in the 12-months ended March 31. Sales increased $5.4 million to $129 million.

“Although the bank’s pretax operating profit of $6.6 million is down on the previous year, we’re pleased with the result, as the reduction in profit is primarily due to the one-off costs associated with bank registration and re-branding as The Co-operative Bank,” Steven Fyfe, chairman said in a statement.

BusinessDesk.co.nz

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