Mark Donovan has moved to Kanebridge Finance as part of the executive team and will help lead a new asset division.
The Announcement:
Multi-award-winning brokerage Kanebridge Finance has announced the appointment of a former top NAB business banker as head of its new Asset Finance division.
Mark Donovan, whose 40-year, award-winning career included 25 years as one of NAB’s Senior Business Banking Managers, will spearhead the new division as Head of Asset Finance, as Kanebridge Finance cements itself as Western Sydney’s leading finance brokerage.
Kanebridge Finance is a 25-year-old subsidiary of Kanebridge Ltd – a leading Australian provider of property, finance, investment, and media.
The brokerage (formerly Kanebridge Capital) has settled more than $2 billion in construction loans and mortgages and offers borrowers loan products from more than 50 lenders.
For the past six months, the company has expanded its reach and services under the new leadership of Managing Director Jon Gawley and Head of Finance Rebecca Somerville.
Its new Asset Finance division is being launched, in tandem with Mr Donovan’s appointment, amid growing demand.
Mr Gawley, also a former banker with more than two decades of experience in senior business banking and business development roles at NAB and Suncorp, said the introduction of asset finance arrived at the right time.
“We’re thrilled to have Mark lead and expand the Kanebridge Finance Asset division for our clientele, given his tremendous experience and passion for the industry,” Mr Gawley said.
“The expansion forms part of the broader growth of Kanebridge finance, and with Mark at the helm our clients can benefit from his experience, passion and skills in leading the right team.
“We felt this is a right fit to further expand our services for our clients, who are mainly in the property development, construction and commercial industries.
“For a career banker this accomplished, to farewell a senior role and lead this new division speaks volumes about Mark’s belief in Kanebridge Finance’s growth aspirations.”
He said the Kanebridge Finance leadership team now boasts more than 80 years of combined banking experience, with Ms Somerville joining the company last year after a 22-year banking career that spanned retail, commercial and asset finance for NAB and St George Bank.
“With the Reserve Bank tipping interest rates to fall this year as bringing inflation down remains the priority1, we expect to see a rise in equipment finance demand,” he said.
“However, if the economy slows, we expect the Federal Government to continue to support businesses, which is why we are working hard to meet our customers’ ongoing needs by not only expanding, but ensuring we have the right person with a proven track record as one of the nation’s top loan writers.”
The new Asset Finance division will facilitate loans for the full equipment finance spectrum, including commercial equipment finance (car fleets, trailers, access equipment), civil construction equipment (mobile and tower cranes, earth moving equipment, concrete pumps) right through to manufacturing and health care equipment finance.
The team is also considering incorporating novated leases and insurance under its asset finance umbrella for a one-stop service.
Throughout his career at NAB, Mr Donovan was awarded for his stand-out performance as a business banker in NSW.
He built a portfolio of clients across a variety of industries that included packaging manufacturers, crane and tower firms and construction companies.
He has overseen more than $650 million in lending across Australia.
“Equipment finance is something I’ve always done and been passionate about. While it was a big decision to leave NAB, I’m excited to play an integral role in the Kanebridge Finance expansion,” Mr Donovan said.
“This is an award-winning brokerage that places trust, expertise and innovation at their core and I’m proud to embark on the next journey with them.
“With its 25-year legacy, Kanebridge is a well-known brand within the broker industry, and I have a high degree of trust in Jon, Rebecca and the entire team to achieve excellent business growth and results for borrowers.”
Source: Kanebridge Finance
