Bank appoints seasoned industry player to board

by Madison Utley27 Aug 2019

A non-major bank has appointed a widely respected industry player to its board to help further its strong growth.

BNK Banking Corporation has appointed financial services lawyer Jon Denovan to join the board of directors upon the retirement of Derek LaFerla.

As “Australia’s leading authority” on non-bank lending, third-party distribution agreements, and mortgage and loan servicing, Denovan was the first honorary member of the Mortgage and Finance Association of Australia (MFAA).

“Jon is a well-known and highly regarded authority on financial services regulation and compliance, with his significant knowledge making him a trusted expert on all forms of financial accommodation, the National Consumer Credit Protection Act 2009 and the National Credit Code, trade practices and fair trading legislation,” said BNK chairman, Peter Wallace.

Denovan will join the BNK board as a non-executive director on 1 September, upon LaFerla’s departure on 30 August after having spent nearly four years in his role.

Wallace noted that Denovan, a senior counsel with national law firm Dentons, not only brings with him extensive insight into the finance sector, but significant experience in the property industry as well.

“Many of Australia’s major property developers have benefitted from his structuring of some of their largest property projects and his thorough, yet straightforward, documenting of their complex joint ventures and other commercial arrangements,” explained Wallace.

Denovan is excited to step into the new role, and take part in shaping the group’s future.

“I am honoured to have been appointed to the BNK board and to have the opportunity to deliver further success as BNK grows to become a significant Australian challenger bank,” he said.

“I hope my knowledge and experience will help the BNK board to continue to achieve exceptional results for the Group and lead to great returns for our shareholders.”