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Bendigo and Adelaide Bank Limited has announced that it will welcome Margaret Payn, a former AMP executive and financial services specialist, to its board as a non-executive director from 14 September 2023.
She will be a member of the risk committee and financial risk committee.
Ms Payn has extensive retail banking, institutional banking, and wealth management experience, having held roles as AMP Capital’s chief financial officer and chief operating officer for the asset management division, chief financial officer for ANZ’s retail bank, and general manager of group finance for Westpac.
During the 1990s, she was a finance director at Schroders and drove the execution of the sale of the investment banking business to Citigroup in Asia before becoming the chief financial officer and chief operating officer for Citigroup Australia’s corporate and investment bank.
Ms Payn holds several non-executive director positions already, including at JP Morgan Mid Cap Investment Trust plc.
She will seek election at Bendigo’s annual general meeting (AGM) on 24 October 2023.
Speaking of the new appointment, the chair of Bendigo and Adelaide Bank, Ms Hey, said: “Margaret’s leadership experience internationally and with a range of local financial services companies, will greatly assist the bank’s plans for future growth and continued innovation.”
Ms Payn stated: “I’m pleased to be joining the board at Bendigo and Adelaide Bank at such an important time for banks and financial institutions.
“I am attracted by its business model and believe the bank is well positioned to achieve its goals. I look forward to playing a role as it delivers on its vision to be the bank Australians choose.”
The move comes as Jim Hazel, longstanding director of the bank, will retire from his position after 13 years at the bank, effective from the AGM.
Mr Hazel joined the board in March 2010 and is currently a member of risk committee and financial risk committee.
He has worked in the financial services space for 40 years, with a particular focus on regional banking. He has strong ties to several institutions in Adelaide and was the deputy chairman of the Adelaide Football Club in 2021.
Ms Hey commented: “For the past 13 years, Jim has carefully assisted the board in setting the vision, strategic direction, values, and purpose of our organisation, along with a deep understanding of regional and rural interests and I thank him for his lengthy service to the bank.”