George Frazis plots comeback

afr.com:

A year after Bank of Queensland’s then chief executive George Frazis said goodbye to the banking C-suite, he’s preparing for his next innings – this time as an adviser on debt capital markets.

George Frazis in his days as BoQ CEO.  Louie Douvis

Street Talk understands the well-connected Frazis has been ringing around the town, looking for companies in need of debt funding that he can bring on as clients. Among those who have fielded calls from Frazis’ camp are bankers and investors.

Sources said Frazis is likely to focus on signing on mid-market companies, instead of chasing ASX-listed large caps that already have deep access to the debt capital markets and their trusted advisers. It’s early days but, sources said it wouldn’t be surprising to see him enter the fray at Public Hospitality Group’s ongoing attempts to refinance its debts.

Accounts filed with the corporate regulator show the former CEO in May listed an entity called George Capital Finance Solutions and received a financial services licence in June. The company is registered to a Dawes Point location, and seems to have made one hire from Judo Bank’s sales team.

Frazis declined to comment when contacted by this column on Thursday afternoon.

He was forced out of the regional lender in November 2022 following a falling out with the board and its chairman, Patrick Allaway – even though just three years earlier he had been seen as a star recruit whose $4.55 million pay package grabbed headlines.

His departure came while the bank was midway through a $1.3 billion merger with ME Bank. Investors had raised concerns about high turnover in the executive ranks below Frazis. Allaway had to step into the top job temporarily.

Despite the circumstances of his departure,