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Bendigo Bank announces reconstituted Board

28 November 2007 |Media centre

Bendigo Bank has announced a restructure of its board of directors as the next step in finalising the merger between Adelaide Bank and Bendigo Bank.

The announcement means Adelaide Bank directors Dr Adele Lloyd, Kevin G Osborn, Kevin Abrahamson, Roger Cook and Jamie McPhee have been invited to join the Bendigo Bank Board.

Bendigo Bank Chairman, Robert Johanson welcomed the new appointments, which are effective from the merger implementation date, Friday 30 November 2007. A profile of each new director is provided in the accompanying Annexure.

The Bendigo Bank Board now consists of six non-executive directors from the existing Bendigo Bank Board, four non-executive directors from the existing Adelaide Bank Board, Rob Hunt as Managing Director and Jamie McPhee as an Executive Director. Kevin G Osborn has been appointed Deputy Chairman.

“The appointments bring additional depth and breadth of corporate experience to our Board, and this will be crucial to the Bank as we complete the merger of the two organisations,” Mr Johanson said.

“Our board will have a broader skill base to draw on and we have an essential mix of knowledge and experience from both organisations.”

The former Adelaide Bank directors will join continuing Bendigo Bank directors Robert Johanson, Rob Hunt, Jennifer Dawson, Terence O’Dwyer, Deborah Radford, Tony Robinson and Kevin Roache.

Mr Johanson also announced that Don Erskine and Neal Axelby would retire from the Board on 30 November 2007. “Both Don and Neal have made great contributions to the Bank and we will miss them,” he said.

Don Erskine joined the Board in 1999. He is a leading Bendigo businessman. During his term on the Board he has been a valuable member of the Credit Committee and chaired our Property Committee which oversaw the Docklands and new Bendigo head office projects.

Neal Axelby joined the board in 2000. He had been Chairman of First Australian Building Society and the success of that merger was greatly assisted by Mr Axelby’s commitment and hard work. During his term on the Board he has been a valuable member of the Credit Committee, Governance & HR Committee and Risk Committee. Mr Axelby is also a director of APRA regulated reinsurance subsidiary, Sunstate Lenders Mortgage Insurance.

Mr Johanson thanked Mr Erskine and Mr Axelby for their support and contribution and wished them and their families well for the future.

“All shareholders will join with us in thanking them for their great service during a significant period of change and growth for the company,” Mr Johanson said.

Annexure

Kevin G Osborn, Non-Executive Director and Deputy Chairman FAICD, FPNA

Mr Osborn was appointed to the Adelaide Bank Board in 2003. He was formerly the Chief Executive of Bank One in Australia (now part of JPMorgan Chase). Mr Osborn is a director of the Economic Development Board of South Australia, and was formerly a director of the American Chamber of Commerce in Australia. He is a director of ABB Grain Limited and the Leadership Institute of South Australia. Mr Osborn is a Fellow of the National Institute of Accountants and a Foundation Fellow of the Australian Institute of Company Directors.

Jamie McPhee, Executive Director BEng (Hons), MBA, GAICD, FFin

Mr McPhee started his career with Adelaide Bank in 1988 within the Treasury function, and was appointed Group Managing Director in December 2006. Mr McPhee began his financial services career in the dealing room of merchant bank Wallace Smith Trust Company based in London. He returned to Adelaide in 1988 and joined The Co-operative Building Society of South Australia Limited (which later became Adelaide Bank). He was appointed Chief Manager of Treasury at the time of the merger between The Co-operative Building Society of South Australia Limited and the Hindmarsh Building Society in January 1992, and in 1993 was promoted to the organisation’s executive committee. Mr McPhee was the Treasurer of The Co-operative Building Society of South Australia Limited during its conversion to Adelaide Bank on 1 January 1994. In the following years, Mr McPhee held various positions within the organisation, including General Manager of Lending and Chief General Manager of Retail Banking. In 2003, he was appointed Chief General Manager of Operations, responsible for the day-to-day banking operations of Adelaide Bank and its subsidiaries, and in 2005 was appointed Chief Operating Officer, responsible for all bank operations in the group. Mr McPhee has completed a civil engineering degree with honours, and an MBA from the University of Adelaide. He is a Fellow of the Australian Institute of Banking and Finance, an Associate of the Financial Services Institute of Australasia and a Graduate of the Australian Institute of Company Directors.

Dr Adele Lloyd, Non-Executive Director PhD, MEd Admin, BA (Hons), DipT

Dr Lloyd joined the Adelaide Bank Board in 1997. She was appointed Deputy Chairman of Adelaide Bank in March 2003 and Chairman in October 2005. Dr Lloyd has a number of family business interests. She holds a Masters and Doctorate in Administration and Management and is currently a member of the Council of the University of South Australia. Dr Lloyd is also on the board of Adelaide Managed Funds.

Roger Cook AM, Non-Executive Director FREI, MAICD Mr Cook is an international commercial real estate authority who joined the Adelaide Bank Board in 1997 and was appointed Deputy Chairman in 2005. He is the Chairman of the SA Motor Sport Board, Urban Construct Pty Limited and the Motor Accident Commission (SA). Mr Cook is a director of V8 Supercars Australia Pty Limited, TEGA Pty Limited and a number of other private companies.

Kevin Abrahamson, Non-Executive Director BSc (Hons), MA, MBA, FAICD, FFin, FAIM

Mr Abrahamson is an Australian finance sector specialist and consultant who has been on the Adelaide Bank Board since 2000. As a specialist in the area of corporate strategy and information technology, he has worked as a consultant to the financial sector since 1997 as the head of KD Abrahamson Consultants. From 1988 to 1997, he held the position of General Manager, Group Services with Advance Bank and St George Bank. Mr Abrahamson was also a director of Fiducian Portfolio Services Limited between 2000 and 2004.

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