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MyState closes $24.2m raise, recruits director

The non-major bank has completed a $24.2-million capital raising from retail investors, as it has named a new board director.

MyState closed its retail raise on Thursday (24 June), following the institutional component of the offer (which raised $11.3 million) and an institutional placement ($20 million).

In total, the bank had raised $55.5 million, which it will place towards its growth strategy.

MyState is set to issue more than 5.6 million shares for retail investors at $4.30 each for the retail raise.

MyState managing director and chief executive Melos Sulicich commented: “We are delighted with the strong support we have seen from existing and new shareholders as we begin the next stage of our strategy to accelerate our growth plans.”

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Meanwhile, the bank has flagged a new non-executive director, to commence from next week (1 July).

The new director is Stephen Davy, former CEO and director of Hydro Tasmania. He has also been a senior vice president at Bankers Trust Australia and began his career at Macquarie Bank.

Currently, he is also a director at Shaw Contracting and at Volunteering Tasmania. He has a senior role at UPC/AC Renewables Australia.

MyState chair Miles Hampton said: “Mr Davy would bring a wealth of commercial experience and a detailed knowledge of the finance sector to his role as a non executive director at MyState.”

[Related: Challenger poised to expand MyLife MyFinance lending]

MyState closes $24.2m raise, recruits director
MyState closes $24.2m raise, recruits director
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