CEO to depart in December as push for ANZ deal continues
Suncorp Bank’s chief executive officer will step down as the battle for the regulators to accept the $4.9 billion sale of the bank to ANZ ramps up.
Suncorp Group CEO Steve Johnston announced on Tuesday that Suncorp Bank CEO Clive van Horen (pictured above) would depart Suncorp on December 24, 2023.
A vocal advocate of the ANZ-Suncorp merger deal, van Horen’s departure comes after the plan was rejected by the ACCC over fears it would lessen competition in the banking sector.
Johnston said van Horen would leave to pursue an opportunity in the non-bank financial services sector having joined Suncorp Bank in August 2020. He said van Horen had played a key role in delivering on Suncorp Bank’s strategic plan to improve performance over the past three years and thanked him for his contribution.
“Clive and his team have done an exceptional job in simplifying the bank and growing our home and business lending portfolios, particularly in what has been a complex and highly competitive market,” Johnston said. “They've also made great strides in delivering improved experiences for our customers as well as brokers.”
“The bank is a well-regarded franchise thanks to the work undertaken to transform the business, and it is well positioned to continue this positive trajectory into the future. We’re disappointed to see him go but wish him all the very best for the future.”
A former Commonwealth Bank of Australia (CBA) banker, van Horen said he was honoured to have led Suncorp Bank through a period of change and was very pleased with the progress made by the team.
“Suncorp Bank is a strong business with great people and customers and has many opportunities ahead of it,” van Horen said. “I am thankful to the board and the leadership team for their support. I’m also very proud of the Suncorp Bank team and what we’ve achieved working together.”
“I continue to believe that the proposed sale of Suncorp Bank to ANZ is in the best interests of the bank’s customers, people and the broader community.”
ANZ is seeking an independent review of the ACCC’s decision to reject its bid to acquire Suncorp Bank. The appeal is being heard by the Australian Competition Tribunal.
Van Horen will remain CEO of Suncorp Bank until the end of the year to facilitate a smooth handover.
