Tim Loan bids farewell to SBS after 19 years as CFO
SBS bank chief financial officer Tim Loan said his greatest achievement in his 19 years was getting the Invercargill-based construction company incorporated as a bank in 2008.
Looking back on his 19 years as CFO of SBS Bank, Tim Loan says these are the people he will remember most fondly.
“People call it your SBS family…and it has that meaning as an organization,” he said.
Loan took on the role of chief financial officer in 2003, moving to Southland with his wife and children after eight years in Wellington. At the time, SBS was a construction company with total assets of $1.3 billion and a finance team of four.
He has since grown to more than $5.2 billion in assets, with Loan managing a team of 17 on his last day at Invercargill.
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It’s been 19 years of diversification and change for Loan.
Five years after taking office in 2008, he was instrumental in getting SBS registered as a bank while remaining a building society – becoming the only building society in New Zealand that is also a bank. .
“For me, that was the biggest and most significant change we’ve made in that 19-year period…It’s given us credibility as an organization, knowing that it’s during the global financial crisis that we experienced, so there was a lot of uncertainty around financial institutions,” he said.
Loan has also been heavily involved in increasing the bank’s resilience through funding diversification, indicating that the bank has withstood the global financial crisis, the Canterbury earthquakes and the recent economic downturn as evidence of its hit.
“When I started, there was very simple funding. It was mostly deposits from our customers,” he said.
“While what we have today is extremely diversified, we have quite a large access to wholesale markets…for me to leave the bank is really exciting because I think the bank is in a position It’s profitable, but there are these great structures underneath that are really resilient.
Loan left SBS to take up a position with the Abbott Group as director of Abbott Southern on July 1.
Jeff Mitchell will take over as SBS’s new chief financial officer in September.