Sampson departs Provident for Citi

by Ben Abbott15 Nov 2011

Provident Capital's head of lending distribution Steve Sampson has left the business for a retail role at Citibank, with managing director Michael O'Sullivan assuming his responsibilities.

Well known to the industry as the broker face for non-bank Provident, Sampson will in his new role be involved in setting up a business called 'Citi at Work' for the global institution.

Speaking with Australian BrokerNews, O'Sullivan said Provident would not recruit a replacement for Sampson until next year, and until then he would be overseeing the business.

"We do see that we will have somebody in that position, but at this point in time we are reasonably comfortable with the way things are moving," O'Sullivan said.

"Steve did a great job while he was at Provident. However, the brand is bigger than just the individuals, and so it is really just business as usual for us," he said.

O'Sullivan said the business was focusing on rolling out its revamped Platinum product, which is now available to clients looking to purchase or refinance residential investment property.

"This is quite a significant change for us. Until November, the Platinum product was only available for non Code regulated loans, but we've opened that up to the residential property market," he said.

O'Sullivan said the product was a "true non-conforming low-doc offering", and that in March next year, the business anticipated widening Platinum's scope to include other Code-regulated purposes.

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