Virgin Money CEO to depart after restructure

Chief executive of Bank of Queensland's Virgin Money Australia (VMA) is to depart the firm as a result of the bank's decision to fold Virgin into its retail bank.

In a statement to the ASX, the bank said: "Current Group Executive Retail & Online Banking, Matt Baxby, will be the new Group Executive Retail Banking. Mr Baxby was CEO of VMA for three years before joining BOQ and knows the business well."

Commenting on Bissaker's departure, BOQ managing director and chief executive officer Jon Sutton said: "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. 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."