By Ross Kelly
HEAD of St George margin lending Andrew Black has replaced the head of St George Private Bank, Nick Kalikajaros.
Money Management understands Kalikajaros had his employment terminated almost two weeks ago, having spent close to five years in the role.
A St George spokesperson confirmed that Kalikajaros had left the bank, but would not comment on the reasons for his departure.
Black will continue to head up St George margin lending as well as taking on his new responsibilities at the private bank.
Kalikajaros took on the managing director’s role at St George Private Bank in 2000. Previously he was head of private clients at UBS.
Having held various operational roles at Citibank in London and Sydney, Black was appointed head of St George margin lending in May 2000.
Since then he has helped produce a 1,500 per cent increase in the margin lending division’s profits.
Late last year, Black was also appointed head of direct shares in a move the bank said was made to complement the margin lending business.
Black officially took over the private bank on February 21.
