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MyState CEO agrees to stay on

The chief executive officer of the Tasmania-based banking and wealth management group, who was meant to step down in June, has agreed to stay in his role.

Melos Sulicich, managing director and chief executive officer, has extended his employment contract with MyState Ltd – reversing his earlier decision to resign.

In January, the group announced that Mr Sulicich would be leaving the company at the end of June 2020, as he planned to move back to Sydney.

However, given the uncertainty caused by ongoing coronavirus pandemic, he has now agreed to extend his employment contract.

The chairman of MyState Ltd, Miles Hampton, said the board had come to the view that given the uncertainty of the present time, it was important to maintain continuity in the leadership team and had approached Mr Sulicich to request that he delay his plans to return to Sydney.

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Mr Hampton said the board of MyState was “delighted” that he has agreed to stay on.

“Melos knows our business very well, and his ongoing leadership will ensure we get through this challenging period as a strong bank, focused on our customers and our communities,” he said.

Mr Sulicich will remain with MyState for at least 18 months.

MyState releases COVID-19 support package

The news came as MyState Bank announced its support measures for customers impacted by the ongoing COVID-19 pandemic.

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Similarly to other lenders, the bank has reduced rates on some of its fixed rate home loans and business loans while also offering home loan, personal loan and commercial loan customers the option of deferring their repayments for a period of six months (with a check in at three months).

The lender is also raising the maximum threshold for its high-interest accounts, enabling earlier access of term deposit accounts for business customers and allowing customers to redraw any amount on home loans and personal loans.

Mr Sulicich commented: "This is an unprecedented situation and we recognise the great uncertainty that our customers are experiencing. We want customers to know that we're there for them.

"In response to initiatives announced by the federal government and the Reserve Bank, we have made changes that reduce fixed home loan rates, lighten the load or business ad provide financial support for those who may be experiencing hardship."

[Related: Bank CEO announces resignation]

MyState CEO agrees to stay on
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Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

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