Many finance executives take out home loans with their employer, but few disclose $42 million in commercial loan exposures.
Bank of Queensland for missing profit targets must feel no better for page 121 of its annual report, released last week. It details previously undisclosed commercial loans, made to a related party of retail banking head and ME Bank chiefAs far as such disclosures go, finance executives banking with their employers are a dime a dozen, and there’s nothing wrong with that. But two things make these loans unusual.
The loans, we are told, are not Jager’s personally, or, indeed, even held directly by a family member of hers. ASIC records reveal Jager’s husband is, and in that role a director of many of its investment vehicles. Some of which, it seems, utilise BoQ financing. Like many banks, BoQ offers staff an employee discount on some loans. But we’re assured that’s not happening here, the loans provided on arm’s length commercial terms. This might be because, as the annual report notes, the loans in part predate Jager’s BoQ employment, which began in April 2021, midway through the bank’sJager was a former Westpac colleague of Frazis, and has stayed at BoQ past his departure. The boardThat storyline also crossed with Jager’s personal life.
The then-chairman proclaimed himself shocked and surprised to discover how the CEO he appointed was running the bank. Allaway’s now running it himself, though as the annual report’s related party transactions suggest, discoveries never cease.Connect with Myriam on
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