SBS Group appoints long-term member as new CEO

He had held senior roles in the company over the years

SBS Group appoints long-term member as new CEO

SBS Group has appointed Mark McLean as its new chief executive officer (CEO) following the recent resignation of current SBS Group CEO Shaun Drylie.

McLean has been with SBS Group for over 10 years, having held roles of chief risk officer, acting interim CEO, and most recently the general manager member experience – leading the branch network, contact centre, marketing, and customer insight divisions. He was also a board member of SBS Bank's subsidiary company, Finance Now Ltd.

McLean brings to his new role a wealth of business experience and knowledge through his working career before SBS Group, including international banking leadership roles in Europe and Asia.

As a member of SBS Bank's senior management team for a long time, McLean has been involved in developing and delivering the company's strategy.

SBS chairman Joe O'Connell commended McLean's broad exposure within SBS Group, giving him a well-balanced understanding of the group.

“He has an undeniable passion for SBS; he believes strongly that member ownership is important and that being a mutual sets us apart. We believe Mark is a real asset to the organisation and have every confidence that his leadership will ensure the continued growth and success of SBS into the future,” O'Connell added.

Read more: SBS releases financial results

McLean, who was “excited to be taking on the role of SBS Group CEO and for the future of the organisation,” shared his years-long experience in the group.

“When I started at SBS in 2011, I knew that I had joined a special organisation, and my passion for providing the very best experience for our members has never waned. Being a member-owned bank is pretty unique, and we'll continue to keep our members at the heart of everything we do,” he said.

McLean will remain in his current position as GM Member Experience until December 2021, when Drylie leaves the group after five years to be closer to family and business interests in Canterbury.

The announcement of Drylie's departure brings to light how he led SBS Group during the COVID-19 pandemic – boasting positive results for the 2020 to 2021 financial year (FY20-21) despite the impacts of the pandemic.

For FY20-21, the group saw a $55.2 million operating surplus for the year ended March 2021, up from $21.3 million for the year ended March 31, 2020. Its total capital ratio also jumped from 13.8% to 15.7%, and the bank members' equity was up $58 million (17.3%) on last year to $389 million.

In a previous statement, Drylie shared that the highlights in the previous year included:

  • winning the Canstar Award for Most Satisfied Customers 2020;
  • achieving a Canstar 5-star rating for “Outstanding Value” in the rewards $12k annual spend category for the SBS Visa Credit Card for the second consecutive year;
  • the launch of the SBS Pink Ribbon Visa charity credit card; and
  • the launch of a new reverse equity mortgage product.

“As the year progressed, we started to see our members adapt to new ways of banking and, with the support of our team, taking on new challenges to learn new digital skills. SBS is in a healthy position to meet our members’ needs with strong liquidity and capital reserves,” Drylie said.