Colonial First State CFO departs

Andrew Morgan has resigned as chief financial officer of Colonial First State and joined Bendigo and Adelaide Bank in the same role.

Morgan replaces Travis Crouch, who will become deputy head of finance as he steps back from the top finance role to spend more time with his young family.

Before working at Colonial, Morgan was finance director and acting manager of MLC Wealth, joining after five years as CFO of Commonwealth Bank's wealth management business.

Earlier, he did an 18-month stint at Perpetual as general manager of trust and fund services and spent three years with National Australia Bank as head of planning and performance.

Bendigo's chief executive Marnie Baker said Morgan will join the executive team when he starts in June.

"Andrew has studied the bank closely over many years, and long admired our high levels of customer satisfaction and trust," she said.

"Andrew cites the deep connection we have with our stakeholders and the communities in which we operate as what attracted him to us."

Baker acknowledged Crouch's contribution and said she supports his decision to spend more time with his family.

"We believe the arrangement is a win-win for the bank."

Morgan's hire will bolster the ranks of its finance team. It follows the appointment of Luke Davidson to group treasurer on 21 March from ANZ, where he was CFO of the institutional division.

The regional lender recently posted an 18.7 percent rise in cash profits to $260.7 million for the six months to December 2021.

Bendigo's purchase of technology company Ferocia and the country's largest mobile-only digital bank is a giant milestone for the bank.

"It boosts our digital capability and lays the groundwork for future growth as we continue to support communities across Australia through our community bank model," Baker said when the interim results were released.