- Latitude Financial Services has shelved plans to list on the ASX.
- Partly to blame is the financial services royal commission.
- The company also announced the appointment of Ahmed Fahour, a former head of Australia Post, as CEO.
Latitude Financial Services has put its ASX float on hold as the financial services royal commission makes raising capital difficult.
However, the consumer finance business says it is confident of the future of the financial services market.
The company has appointed of Ahmed Fahour, a former head of Australia Post, as Managing Director and Chief Executive Officer.
Fahour resigned from Australia Post in February 2017 after Prime Minister Malcolm Turnbull criticised the executive’s pay. He left the company with a payout of $10.8 million.
He replaces Sean Morrissey who has decided to return home to the UK for health and family reasons.
Latitude Chair Mike Tilley says plans for an Initial Public Offering of Latitude had been deferred given the leadership transition and external market issues.
The board is continuing to explore strategic options which may include a future listing on the ASX, he says.
“Ahmed is the ideal individual to take the helm of Latitude as we embark on a new chapter and seize the opportunities that exist in a changing financial services landscape,” says Tilley.
“His experiences and proven track record running large scale enterprises perfectly suit our ambitions as a growing challenger in a market in which customers demand better services and solutions.”
Latitude offers personal loans, credit cards, insurance and interest-free promotional and retail offers.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.