Suncorp appoints new bank CEO

Bruce Rush CEO suncorp

Longstanding Suncorp executive Bruce Rush has been appointed to lead the financial group’s banking arm, replacing outgoing chief Clive van Horen.

Rush, who joined the financial services group back in mid-2010, has been promoted from his current role as the bank’s executive general manager for home lending, a position he has held for just over three years.

The Suncorp bank veteran was previously EGM of deposits and payments for almost four years, and prior to this also served a four-month stint as acting CEO of the then banking and wealth arm.

Suncorp acknowledged Rush’s “integral role in delivering improved performance in the bank”, noting his “dedicated focus on enhancing customer and broker experiences” in the home lending portfolio.

Commenting on Suncorp’s latest C-level appointment, group chief executive Steve Johnston recognised Rush’s “significant contribution to the improved performance of the bank across both its lending and deposit portfolios, amid what have been incredibly competitive market conditions in recent years.”

He added: “With a proven track record in delivering enhanced customer and financial outcomes and leading through periods of considerable change and complexity, Bruce’s appointment reflects the strength of talent we have within Suncorp Group.”

Rush replaces Clive van Horen, who this September announced he would leave Suncorp, taking on a new role as group chief executive of Colonial First State.

Rush’s appointment comes in the middle of Suncorp Group’s bid to offload its banking arm to big four rival ANZ.

The final decision on the takeover approval falls to the Australian Competition Tribunal, which is set to hand down its verdict in coming months. The competition watchdog, the ACCC, initially rejected the proposed merger.

Rush expressed his approval for the proposed sale, saying it presents an “opportunity to further strengthen our business” and is in the “interests of our customers, people and the broader community’.

“We have the full support of the Suncorp Group as the approvals process remains underway, and my focus will be on ensuring the team is equipped to continue delivering on the bank’s operating plan during this time, and most importantly delivering great customer experiences every day.”

If approved, ANZ expects to complete the transaction around the middle of the 2024 calendar year.