BNK appoints new board director

Jon Denovan, a senior counsel at Dentons, will join BNK Banking Corporation’s board of directors on 1 September 2019 as a non-executive director. 

Mr Denovan will replace outgoing non-executive director Derek LaFerla, who will retire from the board on 30 August 2019 after nearly four years. Since joining the board, he has served as deputy chair, chair of the audit committee, and member of the remuneration committee and the risk and compliance committee. 

Commenting on the appointment, BNK chair Peter Wallace, said: “Jon is a well-known and highly regarded authority in Australia on financial services regulation and compliance, with his significant knowledge making him a trusted expert on all forms of financial accommodation, the National Consumer Credit Protection Act 2009 and the National Credit Code, trade practices and fair trading legislation.

Mr Denovan was the first honorary member of the Mortgage & Finance Association of Australia (MFAA) in recognition of his contribution to the mortgage industry. 

“He is Australia’s leading authority on non-bank lending, third-party distribution agreements, as well as mortgage and loan servicing,” Mr Wallace said. 

“Complementing Jon’s skills in the finance sector is his significant experience in the property industry. Many of Australia’s major property developers have benefited from his structuring of some of their largest property projects and his thorough yet straightforward documenting of their complex joint ventures and other commercial arrangements.”

The incoming director said: “I am honoured to have been appointed to the BNK board and to have the opportunity to deliver further success as BNK grows to become a significant Australian challenger bank.”

The chair thanked Mr LaFerla for his contribution to the business since joining the board in November 2015. 

Mr Denovan’s appointment follows Lisa Stedman joining the bank as its new chief operating officer in July.

[Related: BNK appoints new COO]