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Co-operative Bank boss to quit

NZ Newswire logoNZ Newswire 20/12/2016 Paul McBeth

Co-operative Bank chief executive Bruce McLachlan will leave the lender early next year after choosing to take a new leadership position with another New Zealand business.

The details of the exit are being worked out and Mr McLachlan will stay on until his departure date is agreed, the bank said. The bank's board will make another announcement on the succession plan in due course. The bank didn't say where he was going.

Mr McLachlan was appointed CEO in 2012 not long after the bank, which distributes rebates to its customer-shareholders, gained its banking licence, replacing Girol Karacaoglu who left to become a deputy secretary at the Treasury

The bank, which was formerly the PSIS, had net loans of $1.97 billion as at November 30, up from $1.8b a year earlier, with deposits of $1.91b, up from $1.79b in 2015.

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