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A leading figure in the Australian mortgage industry will retire from his position as executive director after almost 28 years with Macquarie Bank.
Macquarie’s current head of intermediary banking, Frank Ganis, will leave the challenger bank in June after 17 years as an executive director and 28 years at the organisation.
In an email to staff, Macquarie’s deputy managing director Greg Ward said that the bank’s home loans business “has largely been moulded by Frank during his long career at Macquarie”.
“A founder of the business, he’s since played a pivotal role in its growth and expansion, steering it through a well-timed wind-up that minimised our exposure during the GFC, through to its relaunch in 2009 and subsequent expansion to our now almost $30 billion business,” Mr Ward said.
“The wonderful relationships that Frank has built across financial services are a major part of his legacy; relationships he’s brought to bear in the form of BFS’ partnerships with Aussie, iSelect, Mortgage Choice, YBR, Connective, AFG and many more,” he said.
Mr Ganis partnered with Aussie Home Loans to bring non-bank securitisation to Australia in the early 1990s and was a pioneer in disrupting the home loan market during that time.
“The impact on the market from this innovation was profound – it transformed the mortgage industry in Australia, increased competition and gave better choices to consumers, and was the genesis of the mortgage broking industry as we see today, which now accounts for half of the home loan market,” Mr Ward said.
Mr Ganis will work with Macquarie’s head of sales and distribution – intermediaries, Doug Lee, as well as mortgage banking leader James Angus and the group’s head of banking and financial services, Ben Perham, up until his departure in June.
Effective this month, Doug Lee and James Angus will report directly to Ben Perham.
[Related: Bank sells stake in brokerage, CEO resigns]
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