Co-operative Bank names McLachlan as CEO, profit falls

BUSINESSDESK: 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.

Mr McLachlan, a senior business and personal banking teams leader, will take over from acting chief executive Gareth Fleming.

The appointment is subject to approval by the Reserve Bank.

The bank's former chief executive, Girol Karacaoglu, left to become a deputy secretary at Treasury on March 1. 

Mr 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,” chairman Steven Fyfe said.

This article is tagged with the following keywords. Find out more about My Tags

2 Comments & Questions

Commenter icon key: Subscriber Verified

great appointment, very well regarded banking exec.

Reply
Share

Reference: <a href="http://bit.ly/PWcv7D">hostgator 1 cent</a>

Reply
Share

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7842 -0.0078 -0.98%
AUD 0.8914 -0.0023 -0.26%
EUR 0.6203 -0.0015 -0.24%
GBP 0.4896 -0.0010 -0.20%
HKD 6.0810 -0.0622 -1.01%
JPY 85.2860 -0.3520 -0.41%

Commods

Commodity Price Change Time
Gold Index 1229.0 2.000 2014-10-28T00:
Oil Brent 86.0 -0.650 2014-10-28T00:
Oil Nymex 81.4 0.410 2014-10-28T00:
Silver Index 17.2 0.065 2014-10-28T00:

Indices

Symbol Open High Last %
NZX 50 5338.3 5367.6 5338.3 0.33%
NASDAQ 4551.4 4564.4 4564.3 -0.33%
DAX 9139.0 9157.6 9068.2 0.16%
DJI 17005.1 17065.5 17005.8 -0.18%
FTSE 6402.2 6475.4 6402.2 0.81%
HKSE 23704.0 23855.7 23520.4 1.27%
NI225 15442.4 15595.3 15329.9 1.46%