Acting Defence Bank CEO Marnie Fletcher
David Marshall, chief executive of Defence Bank, has left to lead Ultradata as its CEO.
Marnie Fletcher, chief member and growth officer will be acting CEO of the bank.
Marshall served for six years as the bank’s CEO, with assets increasing from little more than A$1 billion to more than $3.5 billion today.
At Ultradata he will work alongside long serving managing director Peter Henshaw and will be primarily responsible for running the business.
“I’m 38 years in banking, it’s a long tour,” Marshall said.
“I think with the way the environment is evolving and all these new regulations, this is forcing both mature service providers and banks to work closer together.
“I’m excited about working with the mutual banking sector to help them with their strategy.”
Fletcher, meanwhile, told Banking Day that “so far, we’re having another very strong year”.
Relying wholly on proprietary loan origination and avoiding the use of brokers, Defence Bank is playing to its strengths.
“Our new digital platform is making things both more efficient and making it easier for members to work with us,” Fletcher said.
“Profits and margins are on track for our expectations,” she said. The bank reported a net profit of $14.5 million in FY2023.
“We are all facings the same headwinds as the RBA considers lowering the cash rate. We’ve got to focus long term on costs.”
David Marshall finished up at the bank last Friday. He starts his new role at Ultradata in late April.