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BNK confirms CEO and announces special dividend

Oksana Patron3 May 2022
Hands cradling staff

After undertaking a strategic review following its sale of Finsure, BNK Banking Corporation has announced a special dividend to be paid in first quarter FY23 and confirmed the appointment of its interim chief executive, Allan Savins, as CEO of BNK.

As a part of its strategy to pursue diversified growth, the board decided it would return $60 million in proceeds from the sale of Finsure to shareholders via a special fully franked dividend of 50 cents cash pre ordinary share, the company said in the announcement made to the Australian Securities Exchange (ASX).

Earlier this year, the company completed the sale of Finsure and related aggregation division subsidiaries to MA Financial Group, with the proceeds of the sale standing at $152.2 million and equating to a gain on sale of approximately $100 million (before tax) and expected to be reflected in BNK’s second half results.

Following the sale of Finsure, BNK board said it had evaluated capital management options with a focus on ensuring an appropriate balance of maintaining the ongoing capital strength and continued investment in growth initiatives for BNK with a timely and tax effective distribution of capital to shareholders.

Separately, BNK confirmed that its interim chief executive, Allan Savins, was appointed as CEO of the group, effective immediately.

BNK’s chairman, Don Koch, said that Savins, who was appointed interim CEO in December 2021, had made a significant contribution to BNK over the past three years.

“He is a highly experienced financial services industry professional and we look forward to his continued contribution as CEO in leading our growth strategy,” he said.

 

 

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