BANK of Queensland (ASX:BOQ) will absorb Virgin Money Australia (VMA) into its core retail banking service, resulting in a senior management reshuffle.
VMA and the retail and online banking service will operate under the same banner, renamed Retail Banking.
VMA CEO Brian Bissaker will leave the company after two years in the role, with current retail and online group executive Matt Baxby to lead the new division.
Baxby previously held the role of VMA CEO for three years before joining BOQ in 2012.
The Brisbane-based independent bank says the new organisational structure will streamline roles and better deliver its overarching strategy.
Managing director and CEO Jon Sutton (pictured) says the timing was right to shake up the business and access a new customer base with consolidated banking products.
"Starting as a consultant to look at our wealth management strategy some three years ago, Brian led the deal team when we acquired VMA in May 2013 before agreeing to take on the CEO role," Sutton says.
"Since then, Brian has built momentum in the business to the point where we will start offering Virgin-branded mortgages within the next 12 months.
"Aligning the two businesses to support the bank's overall growth plans in the retail space makes sense and I would like to thank Brian for his contribution and wish him well for the future."
In addition to Bissaker's departure, the general counsel and company secretary roles will be combined and Sutton's former chief operating officer role will not be replaced.
A recruitment process is underway for the new secretarial role, to replace general counsel Brad Edwards and company secretary Melissa Grundy.
"BOQ acknowledges the contribution both Brad and Melissa have made and we thank them for their efforts," Sutton says.
Head of legal Stacey Hester will act as company secretary in the interim.
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