Former RBA governor joins bank board

The announcement was made during the financial results of the non-major lender which saw an increase in its overall loan portfolio

Former RBA governor joins bank board



Financial services firm Macquarie Group has announced the appointment of former Reserve Bank of Australia (RBA) governor Glenn Stevens onto its board. 

This was unveiled during the group’s half yearly financial results on Friday (27 October) with Stevens due to sit on the board of both Macquarie Group and Macquarie Bank as independent director.

“We were very pleased that Glenn Stevens has decided to join the board, effective 1 November 2017,” said Macquarie managing director and CEO Nicholas Moore at the results briefing. 

“Glenn will be familiar to everybody in this room of course. He was recently the governor of the Reserve Bank between 2006 and 2016 after being at the Reserve Bank for many years before then.”

Moore also went over the financial results for Macquarie Bank, which takes up 11% of the group’s total business. 

The bank’s Australian mortgage portfolio now sits at $29.9bn, an increase of 4% from March 2017, representing approximately 2% market share.

Macquarie’s business banking loan portfolio also increased by 9% from March 2017, putting it at $7.1bn. Total business banking for SME clients was up 3% during this time period.

“The good strong drivers of banking and financial services continued over the last six months,” Moore said.

The banking arm had a net profit contribution of $286m, which was an increase of 10% on the first half of last year. This has been despite Macquarie investing heavily into its core banking platform.

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