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Karacaoglu heads to Treasury from Co-operative Bank

Thursday 26th January 2012 1 Comment

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The Co-operative Bank’s chief executive Girol Karacaoglu is leaving on March 1 to become a deputy secretary at the Treasury.

The bank’s chairman David Gascoigne is also leaving on April 1 and Steven Fyfe will take on that role. Paul Goulter has been named as deputy chairman. The previous deputy chairman Colin Hicks died at the end of 2010.

Gareth Fleming will be acting chief executive when Karacaoglu leaves. He is a former senior executive at ANZ National Bank and is currently general manager marketing and products at the Co-operative Bank.

"He has been an outstanding leader" Gascoigne said of Karacaoglu.

“The position at the Treasury was offered to him, and the board has supported his wish to leave the Co-operative Bank as at March 1 in order to take up that position,” he said.

Karacaoglu will head macroeconomics and research at Treasury.

The Co-operative Bank, formerly known as PSIS, was registered as a bank by the Reserve Bank of New Zealand in October last year.

Fyfe retired from ANZ National Bank in 2011 when he was deputy chief executive.


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Comments from our readers

On 26 January 2012 at 4:33 pm Siena said:
Kiaora. Ok however, I don't like that Gabriel Makhlouf, Acting Secretary to the Treasury. I read his speech titled International Connections he delivered to the New Zealand Institute of International Affairs on 1 June 2011. He spoke on 3 issues and they are: First, the important part that domestic policy settings play in the mix of things that we do to attract the investment, resources, knowledge and specialist skills that will deliver a stronger economy. Second, the importance - too often understated in my view - of strong personal ties with key players in the countries with which we are looking to build closer and more productive links - what is now routinely referred to as people-to-people relationships. And third, I want to deal with the challenge that New Zealand has in endeavouring to make sure its voice is being heard, and its interests are being heeded, as economic integration gathers pace in our region. The blunt reality is that if we're not part of the action - if we're not at the table, to use diplomatic parlance - the country will miss out on the greater prosperity that these closer ties can deliver." His People to People Relationships got the hairs on my neck standing up on Red Alert with Ire...Should go and live in China or go back to where he hails from.
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