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A former senior business banker from a major bank has joined the Sydney-based brokerage to head its asset finance arm.
Western Sydney-based brokerage Kanebridge Finance has appointed long-serving banker Mark Donovan as its new head of asset finance.
Donovan, who had worked at National Australia Bank (NAB) for nearly 40 years, was most recently a senior business banking manager at NAB, a position he had held for the past 25 years. Donovan previously worked in NAB’s retail banking sector for 15 years.
The new head of asset finance will spearhead the brokerage’s new asset finance division Kanebridge Finance (formerly known as Kanebridge Capital) and grow the brokerage’s volumes. It has settled more than $2 billion in construction loans and home loans to date.
The new asset finance arm will facilitate loans across commercial, construction, and manufacturing equipment finance.
Kanebridge said the brokerage may also expand its business to include novated leases and insurance under the asset finance division.
Kanebridge Finance’s managing director Jon Gawley (who was also a former senior banking manager at NAB), said that the brokerage’s new asset finance branch was introduced “at the right time”.
Gawley said that Kanebridge Finance was “thrilled” to bring Donovan into the team, saying he would ”expand the Kanebridge Finance Asset division for [its] clientele” and noted his “tremendous experience and passion for the industry”.
“The expansion forms part of the broader growth of Kanebridge finance, and with Mark at the helm our clients can benefit from his experience, passion and skills in leading the right team,” he said.
“We felt this is a right fit to further expand our services for our clients, who are mainly in the property development, construction and commercial industries. For a career banker this accomplished, to farewell a senior role and lead this new division speaks volumes about Mark’s belief in Kanebridge Finance’s growth aspirations.”
Speaking of his appointment, Donovan said: “Equipment finance is something I’ve always done and been passionate about. While it was a big decision to leave NAB, I’m excited to play an integral role in the Kanebridge Finance expansion.
“This is an award-winning brokerage that places trust, expertise and innovation at their core and I’m proud to embark on the next journey with them. With its 25-year legacy, Kanebridge is a well-known brand within the broker industry, and I have a high degree of trust in Jon, Rebecca and the entire team to achieve excellent business growth and results for borrowers.”
[Related: CBA hikes bonuses to stop bankers from becoming brokers]
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