Heartland hires Kiwibank executive as new chief risk officer

Heartland hires Kiwibank executive Richard Lorraway as new chief risk officer

By Paul McBeth

Nov. 10 (BusinessDesk) - Heartland New Zealand, the bank formed through the merger of Canterbury and Southern Cross building societies with Marac Finance, has hired Kiwibank executive Richard Lorraway as its new chief risk officer.

Lorraway has held the same position with the state-owned lender for the past three years, and will take on the new position at Heartland on March 29, 2015, the bank said in a statement. Chief financial officer Simon Owen will continue as acting chief risk officer until the appointment.

Last month Heartland affirmed its 2015 earnings guidance for annual profit of between $42 million to $45 million in the 12 months ending June 30, 2015, compared to profit of $36 million in the 2014 year, with anticipated consumer lending growth of 10 percent.

Shares of Heartland last traded at $1.04, and have gained 22 percent this year.

(BusinessDesk)

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