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MyState chair to step down

The ASX-listed bank’s chairman will depart in March, with a board director to take his place.

At the bank’s annual general meeting on Wednesday, MyState chair Miles Hampton declared his resignation as MyState chair and director, effective from 31 March.

Mr Hampton will depart the bank after being on its board for 12 years and after being the chair for the last eight.

MyState managing director and chief executive Melos Sulicich commented that Mr Hampton’s resignation will end a 16 year tenure with MyState and its wealth arm Tasmanian Perpetual Trustees (TPT).

MyState non-executive board director Vaughn Richtor will replace Mr Hampton as the new chair from 1 April.

Mr Rictor will begin shortly after BNK banking and wholesale boss Brett Morgan takes the reins as MyState’s new chief executive in January.

With Mr Vaughn being based in Sydney, the board has also decided to appoint fellow director and former Connect Credit Union chair Bob Gordon as a deputy chair – in an effort to retain a Tasmanian voice.

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Mr Richtor joined the MyState board in 2019, after holding senior roles with ING in the UK and Ireland.

He came to Australia in 1995 to start ING Direct, where he was chief executive for more than a decade, during which he established ING as reportedly the first digital bank in Australia.

He also held a CEO role with an ING bank in India, before heading all of ING’s Asian banking businesses.

Mr Richtor returned to Australia in 2012 as CEO of ING Direct, with responsibility for all of ING’s banking joint ventures in Asia, including Australia, before he resigned in 2016 and consequentially held a number of board and consultancy roles.

Reflecting on Mr Hampton, Mr Sulicich stated: “His pride in Tasmania, its local businesses and people and his passion for the business has never wavered.”

“I thank him for his counsel, advice and support.”

He added Mr Richtor’s experience in building a banking platform at ING will be “invaluable” as the company embarks on its next growth phase.

Reporting on the September quarter at the company’s AGM, MyState revealed its home loan book had grown to $5.7 billion, up 4.7 per cent since June.

Home loan applications had surged by 115.5 per cent year on year, to $1.3 billion for the three month period, while settlements were up by 84.3 per cent to $678 million.

More to come.

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