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

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
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.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

GEN - Completion of Purchase of Premium Funding Business
Fletcher Building Announces Executive Appointment
WCO - Director independence determination
AIA - welcomes Ngahuia Leighton as 'Future Director'
Mercury announces Executive team changes
Fonterra launches Retail Bond Offer
October 29th Morning Report
BIF adds Zincovery to its investment portfolio
General Capital Resignation of Director
General Capital subsidiary General Finance update