Bank of Queensland is selling its NZ$238 million New Zealand commercial loan and lease portfolio to UDC Finance Ltd, in a deal valuing the portfolio at 91 per cent of book value. The bank said the sale would result in a loss of A$17 million to $20 million that would be recognised in the first half of the 2023/24 financial year. The portfolio represents less than 0.5 per cent of BOQ’s total loans and advances. The bank said in a statement that the sale forms part of its business simplification program. James Spurway has moved from Challenger Ltd, where he was chief financial officer, to take up the CFO role at Resimac. Spurway has also held senior roles at KPMG and HSBC. The joint chief executive of SME finance company Butn, Rael Ross, has stepped in as interim chair following the resignation of chair Suzanne Ewart, whose departure was immediate. Ewart, who has had extensive experience as a corporate executive and director, joined the Butn board in 2020. She is the second director to resign in the past few months; Georg Chmiel left in November. Helia chair Ian MacDonald has announced his resignation and will step down after the company’s annual general meeting in May. MacDonald has been on the board since 2012 and has been chair for eight years. The board has elected Leona Murphy, who has been a director since 2022, to be the new chair.