Suncorp Bank CEO Clive van Horen to depart for CFS amid ANZ sale appeal

Suncorp’s banking boss Clive van Horen will leave in December to take up the top job at Colonial First State as the insurer continues to pursue the $4.9bn sale of its banking arm to ANZ.

Suncorp Bank chief executive Clive van Horen will depart in December to take the top job at Colonial First State as the insurer continues to pursue the $4.9bm sale of its banking arm to ANZ.

The move comes as Suncorp Group expects the sale of its banking unit can still be done after the competition watchdog rejected the deal last month.

Chief executive Steve Johnston told shareholders on Tuesday he expected the Australian Competition Tribunal would likely make a decision on the sale by the end of February next year, following its hearing in December.

ANZ and Suncorp have appealed the Australian Competition & Consumer Commission’s decision to block the deal, and are still working towards a completion by the middle of next year.

“I continue to believe that the proposed sale of Suncorp Bank to ANZ is in the best interests of the Bank’s customers, people and the broader community,” Mr van Horen said in a statement released to the exchange.

Mr van Horen will start in new his new CEO role at the Commonwealth Bank-backed CFS on January 14. He spent a decade at CBA, including as executive general manager of retail products and business customer solutions, according to his LinkedIn profile.

Mr van Horen’s replacement at Suncorp is yet to be named, but he will remain CEO of Suncorp Bank until his departure to facilitate a smooth handover, the company said.

Clive van Horen has scored the top job at Colonial First State. Picture: Renee Nowytarger/The Australian

Suncorp’s chief executive Steve Johnston told shareholders at its annual meeting the company would “continue to work constructively and respectfully through the approval process in relation to the sale of our Bank to ANZ over the coming months.”

He told shareholders the tribunal would “independently review all of the evidence” provided to the ACC and form its own view “based on that material”.

“Your board remains of the view that the sale of our Bank to ANZ is in the best interests of you, our shareholders, and all of our stakeholders,” he said on Tuesday.

He also wished Mr van Horen well, and acknowledged his role in improving the unit’s performance since joining Suncorp in 2020.

“We’re disappointed to see him go, but wish him all the very best for the future,” Mr Johnston said.

“Clive and his team have done an exceptional job in simplifying the Bank and growing our home and business lending portfolios, particularly in what has been a complex and highly competitive market.”

In a separate statement, Colonial First State, which is 55 per cent owned by private equity firm KKR and 45 per cent owned by Commonwealth Bank, said that upon Mr van Horen’s arrival in January, CFS executive chairman Rob Coombe would become non-executive chairman.

“Clive is a highly capable executive with a proven track record,” Mr Coombe said. “I know that Clive will make a significant contribution to CFS and ensure we deliver on our ambitious transformation and growth plans.”

Mr van Horen said he was “thrilled to be joining CFS.”

Suncorp shares closed up 0.75 per cent at $14.18, against a slightly lower benchmark S&P/ASX 200 Index.