He will retire after more than three decades with the aggregator
Australian Finance Group (AFG) has announced that co-founder Malcolm Watkins (pictured top) will retire as a non-executive director, closing out almost 32 years with the mortgage aggregation group.
Watkins helped establish AFG in 1994 alongside Brett McKeon, Kevin Mathews and the late Brad McGougan, building the business from a Perth-based start-up into a diversified, ASX-listed financial services company with a national broker network. He moved from an executive role to the board as a non-executive director in 2022.
AFG chairman Greg Medcraft said Watkins had been central to the development of the group’s broker technology and its broader growth strategy. “Malcolm has been fundamental to the success of AFG from day one,” he said. “His vision, deep industry knowledge and commitment to innovation have left a lasting imprint on the company.
“During his time as an executive director, Malcolm was responsible for the company’s technology development programs, electronic delivery systems and national marketing operations and also acted as the company’s nominee on the board of Think Tank Group Pty Ltd. On behalf of the Board, I would like to thank Malcolm for his extraordinary contribution and dedication spanning over three decades and wish him every success in the next chapter.”
The announcement comes shortly after AFG’s interim results were released last week. The figures were well received by investors, with the group’s shares up more than 7% on the ASX. As previously reported by MPA, AFG brokers lifted residential settlements by 19% year on year in the six months to December, while asset finance settlements increased 20% over the same period. Across the group, net profit after tax rose 46% to $22.4 million on a year-on-year basis.
Watkins said he was leaving the board confident in the company’s position in the mortgage market. “I take immense pride in what AFG has achieved, from a start-up business in Perth to a highly successful listed company with now one in nine residential mortgages in Australia written by an AFG broker,” he stated.
“AFG has always been a leader, and its scale positions the company well for continued growth, underpinned by a strong balance sheet and clear strategic priorities. “The role mortgage brokers play in delivering genuine competition and choice for Australian consumers is vital, and I am proud of the leadership role myself and AFG has taken in advocating for the industry.”
In addition to his responsibilities at AFG, Watkins has previously served as a director of the Mortgage and Finance Association of Australia (MFAA), reflecting his broader involvement in the broker and lending sector.
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