Briefs: Green light for merger, new BOQ group exec, neobank pioneer steps down

Banking Day staff Briefs
SCU members vote on the merger.
SCU members vote on the merger.
  • The merger of Sydney Credit Union and Endeavour Mutual Bank has the green light from members. At the SCU’s Special General Meeting on Wednesday, more than 97 per cent of members voted in favour. At the Endeavour meeting the night before the vote was more than 95 per cent.
  • Bank of Queensland has appointed Peter Sarantzouklis as its group executive BOQ business. Sarantzouklis was most recently running his own consulting business but before that he was chief product officer in Westpac’s consumer banking division. He has also worked as chief financial officer at St George Bank, and in roles at GE Money and Avco Finance.
  • Vernon Hill, the founder of UK Neobank pioneer Metro Bank, is to be replaced as chair of the bank nine years after setting it up. An independent chair, yet to be named, will take his place. In a reminder the fluff and growth storylines falter in fintech land, £2 billion of deposits have been withdrawn, largely by commercial customers, since the beginning of the year when Metro Bank had begun to attract negative headlines, The Guardian reports. Investors have long been livid with Hill and Metro’s governance over £900 million of misclassified loans, disclosed in January.