Why Is BNK Banking’s CFO Taking Over as Interim CEO?

Leadership Change at BNK Banking

BNK Banking Corporation Limited (ASX:BBC) has announced a significant leadership transition with CEO Allan Savins informing the board of his intention to step down, effective 2 July 2026. Savins, who has been at the helm since 2018, leaves behind a legacy of strategic advancement and growth, positioning BNK in a strong operational state.

Chairman Jon Denovan expressed gratitude for Savins’ contributions, highlighting his role in steering the company through a transformative period. Savins himself reflected on his tenure with pride, noting the team’s achievements and the bank’s promising outlook.

Interim Leadership and Continuity

In the interim, BNK has appointed its Chief Financial Officer, Steve Kinsella, as acting CEO starting 2 April 2026, subject to regulatory approvals. Kinsella, who joined BNK in late 2023, has been instrumental in the bank’s recent turnaround and profitability improvements. His extensive banking experience spans over 30 years, including senior financial roles at Commonwealth Bank of Australia, Bankwest, and ABN Amro, both domestically and internationally.

To fill the CFO vacancy, Judith Newman, BNK’s Financial Controller since 2021 and a former interim CFO, has been appointed as interim CFO, also pending regulatory approval. This internal reshuffle suggests BNK’s preference for continuity and stability during the leadership transition.

Remuneration and Incentive Structure

Kinsella’s interim CEO contract outlines a base salary of $556,400 per annum plus statutory superannuation. He is eligible for incentives capped at 100% of his base salary, subject to deferral requirements mandated by APRA’s remuneration regulations. The notice period for termination is three months, with the company retaining the option to pay out in lieu.

This remuneration package reflects BNK’s commitment to attracting and retaining experienced leadership capable of sustaining its growth trajectory while adhering to regulatory standards.

Looking Ahead

While the interim appointments provide immediate leadership coverage, BNK has yet to announce a permanent CEO successor. The board’s search and regulatory approval processes will be closely watched by investors and market observers, given the critical role leadership plays in navigating the competitive banking landscape.

BNK continues to operate as a branchless bank under its Goldfields Money and Better Choice Home Loans brands, leveraging broker networks and digital channels to expand its market presence.