Frank Ganis brought securitisation to Australia and was involved in the transformation of countless brokerages
Frank Ganis brought securitisation to Australia and was involved in the transformation of countless brokerages
1980 - ENTERS FINANCE
During the 1980s Frank Ganis worked at several organisations, starting as leasing manager at Burns Phillip Finance before going on to Beneficial Finance, Centrelease Corporation and, in 1988, starting as NSW state manager at Asset Backed Securities. The latter role was significant, Ganis says. "My first exposure to securitisation assisted me to develop my ideas and vision that I took to Macquarie.”
1991 - KICKS OFF SECURITISATION DOWN UNDER
Two years after joining Macquarie, Ganis co-founded Macquarie Group’s Mortgages and Securitisation group. In 1994 Ganis began a commercial relationship with a little-known outfit run by John Symond: Aussie Home Loans. It was a stroke of genius that led current Macquarie chief executive Nicholas Moore to describe Ganis as "a pioneer in distupting the home loan market". Macquarie's mortgage settlements eventually grew to over $100bn. "I'll never forget the Sunday morning I woke up and saw in the Sydney Morning Herald: 'Mortgage bank [Aussie Home Loans] undercuts big banks by 2%."
1999 - LAUNCHES BRANDED PRODUCTS
Ganis founded Macquarie Group’s direct mortgage business, Macquarie Mortgages Limited. He was instrumental in the bank’s investments in AFG, Yellow Brick Road, Connective, Vow Financial, and partnerships with Aussie Home Loans and Virgin Money Australia that were key to better understanding the broker channel. Securitisation had been a success, but working closely with brokers had one major advantage, he explains. “The big banks could replicate what we had built. The real trick was getting access to the consumer.”
2008 - SURVIVING THE GFC
With securitisation markets shutting overnight, Macquarie was also impacted by the GFC. Mortgage lending was substantially wound back from February 2008 to late 2010, a “challenging” period professionally and personally as Ganis had to shed hundreds of staff across the world. Macquarie turned its focus to retail deposits as a basis for growth. “It redefined me as an individual and redefined my organisation … out of adversity comes opportunity.”
2014 - FULL RETAIL BANKING
In a process that had begun before the GFC, Ganis helped Macquarie transition from simply selling loans to full retail banking, including home loans, transaction and deposit accounts and credit cards. In 2014 he became head of intermediary banking, with responsibilities encompassing the entire spectrum of finance. These years were important as they re-established and repositioned the bank’s retail activities, Ganis says. "I’ve been prouder of the achievements and successes of the last 10 years since the GFC than what was achieved during my previous 20”
2017 - NOT-SO-QUIET RETIREMENT
After 29 years of service and establishing a number of market-changing and influencing businesses for Macquarie, Ganis felt it was time for others to in uence the future direction of the businesses he had overseen for nearly 30 years. He was briefly a non-executive director at Yellow Brick Road and is keen to take up other board positions. “I’d like to give back to this industry … I want to coach; I want to mentor; I want to open doors and opportunities; I want to help people and organisations be more successful.”
