Former Suncorp exec named RACQ Bank CEO

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Queensland-based mutual RACQ Bank has named a former Suncorp executive general manager as its new chief executive.

Michelle Bagnall

Michelle Bagnall will take up the role of chief executive in February 2018 to replace outgoing RACQ Bank chief executive Steve Targett, according to a statement.

Ms Bagnall has more than 20 years of experience in the banking and financial markets industry, and currently holds the position of executive director at Suncorp Portfolio Services and executive general manager, customer journeys at Suncorp Group.


Prior to that, she held general manager roles at NAB and was also at the Royal Bank of Scotland from 2001-2009.

RACQ group chief executive Ian Gillespie said he was delighted for Ms Bagnall to join the executive team.

“Michelle is a highly regarded retail banking executive both here and overseas, with more than 16 years’ experience and a strong track record in delivering customer focused outcomes,” Mr Gillespie said.

“Banking is the newest offering from RACQ and Michelle is the ideal person to have at the helm as we look to provide something different in the banking sector.

“Her drive, enthusiasm and ability to connect with people, combined with her success in delivering new banking products, fits perfectly with RACQ’s strategy.”

Commenting on her own appointment, Ms Bagnall said she was thrilled to join the largest mutual bank of the sunshine state.

“RACQ offers a customer-focused approach others could only dream of and I’m excited to join at a time when there are such amazing opportunities for growth and development of RACQ Bank,” she said.

Ms Bagnall added that her career has been based on understanding and delivering what customers want.

“I believe the new RACQ Bank offers an unprecedented opportunity to carve out a new understanding of what good banking is in Australia,” she said.

“I watched with great interest the merger with QT Mutual Bank and the launch of RACQ Bank earlier this year, and look forward to being a part of the next phase as RACQ Bank becomes a true alternative to the traditional banks.”


Former Suncorp exec named RACQ Bank CEO
Michelle Bagnall
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