Non-bank founder resigns from board

by Miklos Bolza14 Nov 2017
The co-founder of non-bank lender Homeloans, Robert Salmon, has announced his decision to resign from the company’s board.

This move comes 32 years after Salmon established the firm in 1985 as International Financing & Investment (IF&I) along with Tim Holmes, who tragically passed away in 2014.

IF&I eventually evolved into WA Homeloans. The firm expanded nationally in the 1990s before being listed on the ASX as Homeloans in 2001.

Salmon was a “driving force” behind these developments and has continued to play a significant role at the firm until the present day, said Rob Scott, former Homeloans chairman.

“He and Tim were pioneers of mortgage management in this country. They noted the potential in the 1980s and subsequently saw the industry blossom in WA and then around the nation. They were a perfect union, with Rob’s conservatism providing balance to Tim’s flamboyance and entrepreneurialism.”

Salmon oversaw all major developments within the business including the merger with RESIMAC in 2016. Homeloans’ market capitalisation now sits at around $180m with Salmon departing to pursue his own private interests.

“Rob has been at the forefront of the brand’s progression, building a company from the ground up to what it is today – a dynamic lender with a loan book in excess of $10bn and distribution access to more than 85% of the mortgage broker market,” said Scott.

In other moves, Scott has announced he will be stepping down as chairman to assume the position of non-executive director. Chum Darvall will be stepping up in his place.

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