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Non-bank lender recruits independent director

Firstmac has announced the appointment of former Westpac senior executive Craig Parker as its new independent director.

Craig Parker recently retired from Westpac after 41 years where was responsible for the major bank’s global structured finance and securitisation activities for over 17 years. Prior to this, he was at the helm of client relationship manager and corporate finance teams in Australia and Hong Kong.

In addition, Mr Parker was recently inducted as a fellow of the Australian Securitisation Forum in recognition of his contribution to the securitisation industry.

Managing director at Firstmac, Kim Cannon, said Mr Parker would be a “valuable addition to the board”, bringing an “unmatched” background in asset securitisation markets.

“Craig has played a central role at Westpac, a leader in the Securitisation and Structured Finance market across Australia and New Zealand in all major asset classes including residential mortgages and auto loans,” Mr Cannon said.

“We look forward to having his expertise on the Firstmac board, as we continue to expand our highly successful asset securitisation program, which has been a pillar of our business success.”

Mr Cannon added that Mr Parker’s appointment to the role of independent director highlighted the non-bank lender’s “commitment to the highest standards of corporate governance”.

Mr Parker stated he’s pleased to join Firstmac after working closely with the non-bank during his time with Westpac.

“I am delighted to join the Firstmac Board. I have worked with Firstmac for over 15 years [and] have always been impressed with their professionalism, focus on great customer outcomes and entrepreneurial acumen,” Mr Parker stated.

BNK shareholding

Firstmac recently increased its stake in BNK to 19.9 per cent after two non-executive directors, including BNK non-executive director and major shareholder John Kolenda, made the decision to reduce some of their shareholdings in the business.

Mr Kolenda sold the majority of his shareholding, which reduced his stake in the company from 12.06 per cent to around 0.15 per cent, with the value of the shares totalling approximately $9.8 million.

In addition, Mr Kolenda stepped down from the BNK board.

BNK chief executive Allan Savins commented at the time: “Firstmac will be an important institutional investor and strengthens our shareholder base.

“We look forward to working closely with Firstmac as we continue executing on our growth strategy.”

In a statement regarding the transaction, Firstmac said: “We have maintained a relationship with BNK Bank for over 10 years. We now deepen our alliance with the bank and look forward to working in partnership to grow our respective businesses.”

[RELATED: Firstmac becomes substantial shareholder in BNK]

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