Former YBR GM Andrew Rasby has become the acting CEO of Police Bank following the resignation of former CEO Tony Taylor.
Police Bank Ltd has appointed its former chief member officer, Andrew Rasby, as its acting CEO.
Mr Rasby was previously the general manager of lending at Yellow Brick Road but left the brokerage group in 2018 to join the mutual financial institution.
He has now taken up the role of acting CEO of both Police Bank and its subsidiaries, including Border Bank (a mutual financial institution servicing the wider Department of Home Affairs community), following the departure of Tony Taylor, who had been CEO since February 2016.
The reason for Mr Taylor’s departure has not yet been made public.
However, Police Bank chair Greg McKenna thanked Mr Taylor for his leadership over the years, calling him “an important change agent” that “modernised Police Bank’s thinking around and approach to risk” and helped prepare the institution for the “economic and banking headwinds facing the Australian economy and banking sector as we enter the 2020s”.
Mr Taylor also oversaw the rebranding and relaunch of Border Bank and the merger with what is now the Bank of Heritage Isle in Tasmania.
It is expected that Mr Rasby will continue heading up the banking divisions until a permanent CEO is found.
In one of his first public announcements as CEO, Mr Rasby welcomed the news that Police Bank had been named as a lender on the government’s First Home Loan Deposit Scheme lender panel.
Mr Rasby commented: “Member focus is one of our core values, and the opportunity to provide eligible members with lending to purchase a home sooner aligns with what we believe in.
“The team are excited at the opportunity to offer this initiative to our members in an increasingly difficult house market for first home buyers and have committed to ensuring the bank is ready in the early stages of 2020.”
National Housing Finance and Investment Corporation CEO Nathan Dal Bon commented: “We are delighted to have Police Bank join the panel. We received strong interest from a broad range of smaller lenders. The panel... aims to provide the scheme with geographical reach whilst promoting consumer choice and assisting first home buyers to own their first home sooner.”
Police Bank chair Mr McKenna added: “We’re very pleased to be a part of the federal government’s First Home Loan Deposit Scheme and look forward to our bank being able to further support our members to own a home earlier, whether it be soon after graduating from the Police Academy or at any stage of their life.”
[Related: CBA joins FHB scheme lender panel]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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