realestatebusiness logo

Subscribe to our newsletter

Former Suncorp CEO joins Bendigo Bank’s board

Bendigo and Adelaide Bank has announced the appointment of the former chief executive of Suncorp Bank to its board.  

David Foster has been appointed to serve as a non-executive director on Bendigo and Adelaide Bank’s board.

Mr Foster currently serves on the boards of several organisations within the financial services, retail, education and professional services industries, which include Genworth Australia, Thorn Group, Motorcycles Holdings Ltd, and G8 Education Ltd.

The new appointee previously held several roles within the financial sector, which included a stint as CEO of Suncorp Bank and as general manager of Westpac Group.

Bendigo’s chairman, Robert Johanson, welcomed Mr Foster to the bank’s board.


“David has deep experience in real retail banking. This will be very helpful as we continue to grow the bank,” he said.

The appointment follows the release of Bendigo’s full-year results for the 2019 financial year.

The bank reported statutory net profit of $376.8 million in in the 2018-19 financial year, down 13.3 per cent year-on-year from $434.5 million in the previous corresponding period. 

The profit was weakened by costs associated with customer remediation ($16.7 million) and redundancies ($11.9 million), as well as “unrealised losses” in its reverse mortgage business Homesafe ($24.1 million) due to the prolonged period of declining property prices in Melbourne and Sydney, according to the non-major bank.

Its net interest margin stayed steady at 2.36 per cent in FY19.

[Related: Bendigo reports fall in profit, rise in mortgage growth]

Former Suncorp CEO joins Bendigo Bank’s board
Bendigo Bank

Latest News

Home loans commitments took a positive turn in May following a fall in April, new data reveals. ...

Economists from three of the big four banks expect the Reserve Bank will hand down a similar cash rate hike of 50 bps today (5 July). ...

The banking group has confirmed it will be closing branches under the Westpac, Bank of Melbourne or St.George brands in more than 20 locatio...


Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.