Martin Barrett, managing director of Auswide Bank, has announced he will retire at the end of the year.
The bank (then still technically a building society) was known as Wide Bay Australia when Barrett joined in late 2013, from Westpac, where he served in a senior role in the St George division.
Sandra Birkensleigh, chair of the bank, thanked Barrett “for a decade of extraordinary effort and commitment … and I recognise the achievement of many significant milestones during his tenure.
“During Martin’s time in the role, Auswide has been granted a banking licence by APRA, and there has been a significant transformative process of the bank’s technology, risk profile and customer services.”
Barrett, who is 58, told Banking Day, “I don’t know what I’m going to be doing next. I’ll ride my bike a bit, and see family.”
Auswide’s assets grew from A$2.6 billion in 2013 to $4.8 billion at the end December 2022.
“We’ve doubled ROE. We’ve gone from a not so good arrears position to one of the best, if not the best,” he said.
“After five years, the private bank initiative is working for us,” he said. Assets of this arm of the bank are approaching $500 million.
“When you come from an executive role with a much bigger bank, you can underestimate the complexities that exist when running a much smaller ADI, with all the same regulatory challenges.
“I’ve loved it. I will leave feeling the place is in good shape.”