Brief: Pepper prepares IPO, Illingworth steps down

Banking Day staff MyState Bank
  • Non-conforming lender Pepper Australia is preparing for an initial public offering, according to reports in the Australian Financial Review and The Australian. The AFR said Pepper's founders were not selling into the float, which is being handled by Goldman Sachs and Macquarie Capital. The Australian said Pepper made a net profit A$423 million for the year to December - an increase of 25 per cent over the previous year.
  • Ross Illingworth will stand down from the board of MyState Financial. A former executive with Citi, Illingworth was one of the few directors of The Rock Building Society to continue on the board of MyState when the Tasmanian ADI bought the Queensland lender in 2011.