Finexia elevates credit boss Patrick Bell to CEO amid new growth phase for non-bank lender
Finexia Financial Group (ASX: FNX) has elevated Patrick Bell, the head of the company’s credit division, to the role of chief executive officer as part of a planned leadership transition following a pivotal year for the non-bank lender.
Bell, who joined Finexia through the acquisition of Creative Capital in 2020, replaces Neil Sheather who has assumed the role of Finexia chairman, effective immediately.
Sheather says Bell has played a key role in bringing to life Finexia’s two strategic offerings – the Finexia Childcare Income Fund and the Stay Company Income Fund – and has been instrumental in transforming the company into a private credit specialist.
“As CEO, Pat brings to the role a strong commercial acumen, commitment and a passion to succeed,” Sheather says.
“His deep understanding of all elements of credit transactions including origination, analysis and execution will be invaluable as Finexia embarks on the next leg of its growth as a private credit player.”
Finexia posted a net profit of $3.21 million and declared a maiden final dividend of 2c per share from earnings of 8c per share.
Last month, Finexia increased its funds under management after raising $25 million from a securitised note issue to capitalise on sustained growth in its Childcare Income Fund. The note issue was the first tranche of a $50 million securitisation facility that the company is planning to draw down further before the end of this year.
Prior to joining Finexia, Bell held numerous senior positions as a corporate banking executive with major lenders in Australia and offshore, transitioning to Finexia as principal of commercial lending business at Creative Capital Group.
“I am extremely excited to be leading Finexia into the next phase of growth and building on what we have achieved to date,” Bell says.
“I look forward to working closely with our extremely talented and committed team to deliver on our strategic goals and vision.”
Sheather, who has been with Finexia since 2014, will continue to support Bell and the executive team in his role as chairman.
Sheather plans to take a ‘more outward approach’ to the role with an emphasis on securing additional funding for the company’s private credit activities, in addition to ‘crystallising real value for Finexia shareholders’.
“Now that Finexia is well down the path with its strategic transformation to a private credit specialist, the timing is perfect for Pat to take the reins and drive the business forward,” Sheather says.
“He has a wealth of experience as a banker and lender, and it makes sense that he assumes leadership and the responsibility for executing the group strategy. I am confident Pat is the right person for this role and I wish him every success.”