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Cooperative Bank CFO Gareth Fleming to end a decade

Cooperative Bank CFO Gareth Fleming to end a decade with the lender later this month

By Paul McBeth

July 10 (BusinessDesk) - Cooperative Bank chief financial officer Gareth Fleming will end a 10-year tenure with the old PSIS later this month, installing two new top executives at the lender which rebates its profits to its customer-shareholders.

The Wellington-based lender said Fleming resigned today "to pursue other interests" in a briefing statement to the NZX. His exit is effective from July 28, and the board will make an announcement on his successor "in due course".

Fleming's departure comes just over two months after David Cunningham was promoted to the chief executive's office after five years in the bank's senior leadership team, the most recent being as general manager of customer banking.

Cooperative Bank reported flat annual earnings of $10.3 million in the year ended March 31 with an unchanged rebate of $2.1 million, even as it added 15,000 new customers in the year giving it 156,000 customers.

The lender issued $15 million of 10-year subordinated notes paying annual interest of 6 percent and listed them on the NZX's debt market last year. The notes last traded at $102.311 per $100 face value, representing a yield of 5.7 percent.


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