Cooperative Bank boss Bruce McLachlan to go early next year

Tuesday 20th December 2016

Cooperative Bank chief executive Bruce McLachlan will leave the lender early next year after choosing to take a new leadership position with another New Zealand business.

The details of the exit are being worked out and McLachlan will stay CEO until his departure date is agreed, the bank said in a statement. The bank's board will make another announcement on the succession plan in due course. The bank didn't say where he was going.

McLachlan was appointed CEO in 2012 not long after the bank, which distributes rebates to its customer-shareholders, gained its banking licence, replacing Girol Karacaoglu who left to become a deputy secretary at the Treasury

The bank, which was formerly the PSIS, had net loans of $1.97 billion as at Nov. 30, up from $1.8 billion a year earlier, with deposits of $1.91 billion, up from $1.79 billion in 2015.

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 in July. The notes last traded at $99.12 per $100 face value, representing a yield of 6.45 percent.

BusinessDesk.co.nz

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