Suncorp Bank CEO to Move to Pension Fund Provider Colonial First State

By Alice Uribe

SYDNEY--Pension fund provider Colonial First State said Tuesday that it has appointed outgoing Suncorp Bank Chief Executive Clive van Horen as its group chief executive, tasked with the responsibility of running overall day-to-day business operations.

Australian insurer Suncorp also said on Tuesday that van Horen would leave the company on Dec. 24, and that he would stay on until the end of the year to assist with the handover.

Rob Coombe, CFS group executive chairman, said now was the right time for the company to appoint a group chief executive officer, and that this was "consistent with the plan that had been put in place with shareholders."

CFS was Commonwealth Bank of Australia's former wealth management unit, but is now a standalone business following the sale of CBA's stake to global investment company KKR.

Coombe will continue as group executive chairman of CFS until van Horen begins his new role on Jan. 15, 2024, at which point Coombe will transition to non-executive chairman, CFS said.

ANZ Group is currently trying to buy Suncorp's banking unit. The deal was rejected by Australia's competition regulator in August, with a review of that decision lodged with the Australian Competition Tribunal.

"Suncorp Bank is a strong business with great people and customers and has many opportunities ahead of it. 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," van Horen said.

"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," he said.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

September 25, 2023 23:01 ET (03:01 GMT)

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