Suncorp’s bank boss to leave with ANZ fight looming
Suncorp banking chief Clive van Horen is leaving amid a contested $4.9 billion sale of the bank arm to ANZ, but he said the move had nothing to do with the prospects of the deal proceeding.
Chief executive Steve Johnston announced Mr van Horen’s departure taking effect on December 24 in a statement to the stock exchange. On January 15 next year, Mr van Horen will become CEO of superannuation fund Colonial First State, which he said represented a good opportunity.
Clive van Horen. Joe Armao
“I still do believe that [ANZ’s offer for Suncorp’s bank] is in the interests of all of our stakeholders,” he told The Australian Financial Review.
“The fact that I’m leaving has got nothing to do with the [Australian Competition] Tribunal process, nothing to do with the prospects.”
News of the change came before Suncorp’s annual general meeting in Brisbane, where several shareholders raised concerns about ANZ’s treatment of customers.
Suncorp, which has a large insurance arm, last year inked a deal with ANZ to sell its banking arm. But the Australian Competition and Consumer Commission has blocked the sale, a decision now under appeal.
Suncorp has said its expects a tribunal decision in late February and assuming the deal progresses, completion would occur midway through calendar 2024.
Some market sources expected Mr van Horen might have taken a position with ANZ following any transaction, including potentially eyeing the CEO role once incumbent Shayne Elliott leaves the bank. But Mr van Horen said his move to Colonial First was also not a reflection on his potential prospects at ANZ.
A former Commonwealth Bank veteran, Mr van Horen joined Suncorp in August 2020 following his predecessor Lee Hatton leaving after three months to work
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