Briefs: CBA strategy head promoted, BNK buys its own loans, Pioneer’s buying spree continues 25 March 2024 4:25AM John Kavanagh CBA's new EGM group strategy Stuart Munro Commonwealth Bank group head of strategy Stuart Munro is getting a promotion. The bank announced on Friday that it plans to make Munro group executive group strategy, subject to regulatory approval. CBA chief executive Matt Comyn said in a statement that Munro’s role has expanded significantly in recent times, with additional functions including divestments, mergers and acquisitions and oversight of the bank’s venture business x15. Munro has been at CBA for 12 years and part of its executive leadership team since 2018. BNK Banking Corp has put an excess of deposits to work by buying a portfolio of mortgages from Goldman Sachs. The twist in the tale is that the $80 million book was originated by BNK. The bank had strong deposit growth in the second half of last year and at December 31 it reported deposits of $1.55 billion and loans and advances of $1.48 billion. So rather than securitise the loans in the warehouse, it has taken them onto its balance sheet. The bank said in a statement that the transaction was the optimal use of its capital. The warehouse was set up in 2021 and has a $500 million capacity. Debt buyer and collector Pioneer Credit has raised A$10 million from institutional investors and will use the funds by acquire debt portfolios. Pioneer has been busy in recent months, acquiring portfolios from businesses that are exiting the market or restructuring. In December, it picked up a $367 million portfolio from Panthera Finance. The portfolio is made up of 32,775 credit card and personal loan accounts originated by Commonwealth Bank. Pioneer paid $24.1 million. And in February, it acquired a Part IX insolvency debt portfolio from Max Recovery Australia, which is getting out of the market. Pioneer paid A$15.8 million for the portfolio.
