Ahmed Fahour’s plan to take down the big banks

The Latitude CEO is convinced the four’s dominance will be over within the decade and the industry will have to respond to how consumers want to bank.

Ayesha de KretserSenior reporter

Apr 29, 2022 – 5.00am

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Ahmed Fahour believes in the power of finance to change lives. He says he took the job running Latitude Financial, one of the few profitable companies in the buy now, pay later and non-bank lending sector, because of a personal connection to two things he is clearly passionate about: his family and Carlton Football Club.

Fahour has a reputation for being one of the last of the “flashy” school of bankers: multimillion-dollar property sales and high salaries. As chief executive of Australia Post, his $5.6 million annual salary sparked criticism from former prime minister Malcolm Turnbull. Under Latitude’s original plan to list on the ASX in September 2019, Fahour could have earned up to $51 million, on top of a $4.5 million salary.

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Ayesha de KretserSenior reporterAyesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets.