BNK Banking Appoints CFO Steve Kinsella as Interim CEO After Savins Steps Down
BNK Banking appoints interim CEO as Allan Savins departs after eight-year tenure
BNK Banking Corporation (ASX: BBC) has announced the BNK Banking CEO Transition, with Allan Savins stepping down as Chief Executive Officer effective 2 April 2026. The company has moved swiftly to appoint Steve Kinsella, its current Chief Financial Officer, as interim CEO pending a permanent appointment. Savins will remain with BNK through his notice period, which concludes 2 July 2026.
The transition represents an orderly handover for the branchless bank, which has an experienced internal successor already in place to maintain operational continuity. Savins joined BNK in 2018 and has led the company through a period of strategic transformation over his eight-year tenure.
Chairman Jon Denovan acknowledged Savins’ contribution to the company’s development, noting the outgoing CEO leaves the business well positioned for its next phase.
Jon Denovan, BNK Chairman
“On behalf of the Board, I want to thank Mr Savins for his significant contribution to BNK since joining the Company in 2018. Allan has played a critical role during his time with BNK, advancing the Company’s strategic priorities and driving its growth agenda. He leaves BNK in a strong position.”
For investors, smooth leadership transitions with internal succession reduce execution risk. BNK has avoided a leadership vacuum by promoting from within, with Kinsella already familiar with the company’s operations and strategic direction.
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Who is Steve Kinsella? Three decades of banking experience behind interim appointment
Steve Kinsella brings substantial institutional banking credentials to the interim CEO role, having spent more than 30 years across major Australian and international banks. His appointment, which commenced 2 April 2026, is subject to necessary regulatory approvals.
Since joining BNK as CFO in November 2023, Kinsella has played a significant role in the company’s recent turnaround and profitability. His direct involvement in BNK’s financial repositioning means he understands the operational levers driving recent performance.
Kinsella’s banking pedigree includes:
- 7 years as CFO Institutional Banking & Markets at Commonwealth Bank
- 6 years as CFO Business & Private Banking at Commonwealth Bank
- 10 years at ABN Amro in CFO roles across Australia, Asia Pacific, and London
- 10 years at Bankers Trust Australia
- Bachelor of Commerce from University of New South Wales
- Qualified CPA and Graduate of the Australian Institute of Company Directors
His Commonwealth Bank and ABN Amro experience brings major bank discipline and governance frameworks to BNK’s smaller institutional structure. The combination of large bank expertise and recent hands-on involvement in BNK’s profitability improvement positions him well for the interim leadership role.
The CFO position will be filled on an interim basis by Judith Newman, BNK’s Financial Controller since 2021. Newman previously served as interim CFO in 2023, providing continuity in the finance function during the leadership search.
What is an interim CEO and why do companies use them?
An interim CEO is a temporary appointment that allows a company to maintain leadership continuity while the board conducts a thorough search for a permanent executive. The arrangement provides stability during transition periods without forcing rushed hiring decisions.
For publicly listed companies, particularly in the banking sector, interim appointments serve several functions. They allow boards to assess both internal and external candidates carefully, ensure cultural fit, and meet regulatory requirements without operational disruption.
In banking, leadership appointments require approval from the Australian Prudential Regulation Authority (APRA), which assesses the fitness and propriety of senior executives. This regulatory oversight adds time to permanent appointment processes. Kinsella’s interim appointment is subject to these necessary regulatory approvals.
The use of an experienced internal executive as interim CEO signals board confidence in existing management capability. It also maintains institutional knowledge and strategic continuity during what can be a months-long permanent search process.
For shareholders, interim arrangements are standard governance practice rather than crisis indicators. They demonstrate board prudence in taking time to secure the right long-term leader while maintaining day-to-day operational effectiveness.
Interim CEO remuneration and contract terms
Kinsella’s interim CEO contract establishes clear parameters for compensation and tenure, with terms aligned to APRA prudential requirements for banking executives.
| Term | Detail |
|---|---|
| Commencement | 2 April 2026 |
| Base Salary | $556,400 per annum plus statutory superannuation |
| Incentive Cap | 100% of base salary (subject to APRA deferral requirements under CPS 511) |
| Notice Period | 3 months (either party) |
| Termination | Company may elect payment in lieu of notice period |
The remuneration structure demonstrates governance discipline aligned with banking sector prudential standards. The incentive component, capped at 100% of base salary, remains subject to APRA’s Remuneration Deferral Requirements (CPS 511), which mandate that a portion of variable remuneration be deferred to align executive interests with long-term bank stability.
The 3-month notice period provides flexibility for both BNK and Kinsella, allowing either party to conclude the interim arrangement promptly once a permanent CEO is appointed. The company retains the option to make payment in lieu of the notice period if required for transition purposes.
BNK’s board retains discretion over participation in incentive plans and their operation, providing flexibility to structure appropriate performance metrics during the interim period. This approach balances competitive remuneration with prudent governance during a transitional leadership phase.
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BNK’s transformation and what comes next
Allan Savins led BNK through a significant transformation period since joining in 2018, with the company described as being in a “strong position” at the point of handover. The positive framing from both departing CEO and Chairman suggests an amicable transition rather than a forced departure.
Allan Savins, Outgoing CEO
“It has been a privilege to lead BNK through a period of transformation. I am proud of what the team has achieved and confident the business is well placed for continued success.”
BNK operates as a branchless bank, a model that has gained traction in Australian financial services through lower cost structures and digital-first customer engagement. Founded in 1982 as Goldfields Credit Union, the company has evolved into a focused deposit and lending institution operating two distinct brands: Goldfields Money and Better Choice Home Loans.
The branchless model relies on distribution through a national broker network, key aggregator partnerships, and expanding digital channels. This approach reduces fixed property costs while accessing customer segments through established intermediary relationships. The model requires strong operational systems and broker relationship management, areas where Kinsella’s institutional banking background may prove valuable.
The permanent CEO search is now underway, with Kinsella providing operational continuity during the process. Investors should monitor for announcements regarding the permanent appointment and any strategic direction signals that emerge from the search.
The board’s willingness to maintain an interim arrangement while conducting a thorough search suggests they are prioritising long-term strategic fit over speed of appointment. For a bank emerging from transformation, securing the right permanent leader to build on recent progress appears to be the board’s priority.
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