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Suncorp Bank Announces New CEO

Suncorp Bank Announces New CEO

(3 November 2023 – Australia) Suncorp Bank has named its successor to outgoing CEO Clive van Horen.

Bruce Rush has been announced as the new CEO of the Brisbane headquartered bank, effective from 4 December 2023 following the departure of Mr van Horen to Colonial First State in the same month. Mr Rush has held several senior leadership roles since joining the bank over a decade ago including Acting CEO, Executive GM Deposits and Payments and Executive GM home lending.

Mr Rush takes on the position at a turbulent time for the bank as its proposed merger with ANZ has been halted by the ACCC stemming from competition concerns raised by Bendigo-Adelaide Bank. ANZ has escalated the decision to the Australian Competition Tribunal.

The Queensland government also wants the public benefits it secured to greenlight the ANZ-Suncorp deal given a high priority for tribunal review with a decision due to be announced in the third week of February 2024.

"Mr Rush is an experienced finance services executive, with a deep understanding of the banking industry obtained from more than two decades working across a range of roles in the industry both internationally and domestically. Bruce has been a valuable member of Suncorp’s leadership team for many years and has made a significant contribution to the improved performance of the bank across both its lending and deposit portfolios, amid what have been incredibly competitive market conditions in recent years" stated Suncorp Group CEO, Steve Johnston.

“With a proven track record in delivering enhanced customer and financial outcomes and leading through periods of considerable change and complexity, Bruce’s appointment reflects the strength of talent we have within Suncorp Group. Mr Rush will provide continuity and stability in leadership in the current environment, particularly as the process remains underway to sell Suncorp Bank to ANZ" Mr Johnston added.

"I am honoured to be appointed as the next Suncorp Bank CEO and will look to work with the leadership team to continue to deliver value for the bank’s customers and brokers. I am proud of the progress we have made over the past three years to deliver on our strategic plan and strengthen the Suncorp Bank business. I also believe the opportunity to further strengthen our business through the proposed sale to ANZ is in the best interests of our customers, people and the broader community” Mr Rush commented on his appointment.

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