27/05/2020 - 15:47

Targett to chair Police & Nurses

27/05/2020 - 15:47

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Melbourne-based Stephen Targett has become chair-elect of banking group Police & Nurses, after Paul Gabb announced he would retire at the company’s AGM in November 2020.

Targett to chair Police & Nurses
Stephen Targett was deputy chair of Police & Nurses.

Melbourne-based Stephen Targett has become chair-elect of banking group Police & Nurses, after Paul Gabb announced he would retire at the company’s AGM in November 2020.

Formerly the chair of bcu, Mr Targett was appointed deputy chair of Police & Nurses in November 2019 when Queensland bank bcu and Perth-based P&N Bank merged.  

During his career, Mr Targett has held divisional leadership roles with National Australia Bank, Lloyds TSB and ANZ, and was the chief executive responsible for the merger of RACQ and QT Mutual Bank to form RACQ Bank.

Mr Gabb, who served as chair for seven years, said Mr Targett was a highly credentialed financial services executive and non-executive director.

“Stephen will bring a wealth of experience to this role alongside a strong skillset in governance, strategy, transformation, mergers and acquisitions,” Mr Gabb said.

He said he was proud to have led the Police & Nurses board through a significant transformative period in the organisation’s history.

“With the merger of two proud and successful customer-owned banking brands late last year and the imminent implementation of our new strategic plan, I have absolute confidence that our board and executive will continue to transform and grow our organisation on behalf of our customers,” Mr Gabb said.

“I look forward to working closely with Stephen over the next six months to deliver a smooth and effective transition and am very confident that Police & Nurses, our P&N Bank and bcu brands, our customers and our people will be in capable and safe hands.”

The merger of P&N and bcu created one of the largest customer-owned banks in Australia with $6 billion of assets.

Before the merger, P&N had net assets of $285 million at June 30 while bcu had $129 million.

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