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Bank announces board departure

Bank announces board departure

A non-major lender has announced the retirement of a non-executive director from the bank’s board.

Following its annual general meeting (AGM), Bendigo and Adelaide Bank announced that Deborah Radford has retired as director of the bank’s board, effective immediately.

Ms Radford has served on the board since 2006, following a career with both international and local banks, and seven years with the Victorian State Treasury.

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Bendigo chairman Robert Johanson thanked Ms Radford for her contribution over the past 12 years.

“[Ms Radford] has made a huge contribution in that time, in particular as chair of the Credit Committee, and we will miss her counsel and support,” the chairman said.

Ms Radford currently serves as deputy chancellor of La Trobe University.

Bendigo chairman slams competitive landscape

In his address to shareholders ahead of Bendigo and Adelaide Bank’s AGM, Mr Johanson stressed the need for enhanced market competition in the banking sector.

Mr Johanson expressed support for the findings of the Productivity Commission’s review into competition in the Australian financial system, which concluded that there needs to be more of an effort from regulators to enhance competition.

The chairman also claimed that a “lack of competition” in the sector has contributed to the misconduct identified by the financial services royal commission.

“The [review] by the Productivity Commission into competition in financial services has not attracted the same headlines as the [financial services royal commission], but its analysis of the harm to the Australian economy as a result of the competitive disadvantage suffered by non-major banks and service providers is, we think, very important,” Mr Johanson said.

“Indeed, we would say that one of the fundamental causes of the current crisis in financial services in Australia is the lack of true competition in Australian banking that has allowed the major banks to focus so much on shareholder returns at the expense of customers.”

[Related: Lack of competition contributed to ‘crisis’ in financial sector]

Bank announces board departure
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