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Auswide Bank’s newly acquired asset finance company has appointed Malcolm Withers to lead its broker relationships.
Selfco – a specialist equipment leasing finance company owned by Auswide Bank – has appointed industry veteran Withers as its new head of sales.
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Withers has more than 30 years of experience in financial services and was most recently the head of sales at back book management fintech Hound. (While Withers has left his executive leadership position at Hound, he has now joined the group’s board).
Over his career, Withers has had deep connections with the third-party channel, including as the head of commercial at non-bank lender Pepper Money, as chief commercial officer of private lender Prime Capital, and as head of commercial broking at St.George Bank. He also held senior positions at Suncorp, Bankwest, Citibank, HomeSide, and RAMS.
In his new position at Selfco (effective immediately), Withers is tasked with “empowering brokers and supporting Australian businesses by delivering tailored financing solutions”.
The asset finance company noted the new head of sales’ experience in driving growth and championing broker-centric solutions, adding that he was a “highly respected figure in the industry” and “a passionate advocate for brokers, ensuring they are equipped with the tools, knowledge, and products to succeed in an evolving market”.
Commenting on the appointment, Selfco group executive Rob Burden said: “We are thrilled to welcome Malcolm Withers to the Selfco team. Malcolm’s extensive experience and remarkable track record in the broker channel make him an invaluable addition to our leadership team.
“His passion for fostering collaboration and driving innovation aligns perfectly with Selfco’s vision to create meaningful and sustainable growth opportunities for brokers and their clients.
“This appointment marks an exciting new chapter for Selfco as we continue to focus on supporting brokers and businesses in an ever-evolving market. With Malcolm’s leadership and the backing of Auswide Bank, we are confident in our ability to achieve significant growth and strengthen our partnerships in the commercial lending sector.”
Speaking about his new role, Withers said he was “honoured” to join Selfco and excited to “contribute to the company’s mission of empowering brokers and supporting Australian businesses”.
“With the support of Auswide Bank, we are well-positioned to enhance our offerings and create a thriving ecosystem for brokers and their clients,” he said.
“I look forward to working closely with the team, brokers, and partners to deliver solutions that meet the evolving needs of the market. Together, we can drive success for all stakeholders.”
Auswide’s move into asset finance
Selfco was first established in 2003 as a vehicle and equipment finance provider. The company operates nationally via a network of accredited finance brokers, who help business owners acquire the equipment, machinery, and vehicles needed to grow their enterprises (via a range of financing solutions).
In August 2024, Selfco was purchased by Auswide Bank (which is also currently in merger talks with MyState Bank) as part of a “strategic” move by the bank to enhance its service offerings, expand its market presence, and diversify its business model.
It marks the first time Auswide Bank has entered the asset and equipment finance space.
Speaking last year, Auswide Bank managing director Doug Snell said: “Selfco and its management team and employees bring a wealth of industry experience that complements and expands on Auswide Bank’s existing capabilities.
“It enhances the product range for existing customers and our communities.
“Selfco and Auswide Bank share many core values. We look forward to working together to deliver continued excellent service and competitive products.”
Selfco managing director Burden also said that existing Selfco customers would benefit from receiving an expanded suite of financial services and the backing of a successful retail bank.
“With the combined expertise of both organisations, we are poised to deliver even greater value to our customers and stakeholders,” Burden said in August 2024.
[Related: Brokers will ‘absolutely be the predominant channel’ if MyState and Auswide merge: MyState CEO]
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