Banking Circle appoints Cracknell as Chief Executive Officer

Banking Circle has appointed Piers Cracknell as Chief Executive Officer of its Australian business as part of a planned leadership succession.

Cracknell succeeds Mark Tibbles, who will remain involved during the transition in advisory and Board roles over the next 12 months. The arrangement is intended to provide continuity for Australian clients during the handover.

Banking Circle Australia is an Authorised Deposit-taking Institution within the wider Banking Circle Group, which provides financial infrastructure to banks, payment service providers and other financial institutions. The Australian business was created through the integration of Australian Settlements Limited into Banking Circle's operations.

Before his promotion, Cracknell served as Chief Commercial Officer following the acquisition. He played a central role in the company's growth in Australia and in shaping commercial strategy across the combined business.

He brings more than 25 years of experience across Australian and international banks and payments companies. He takes charge of the local unit at a time when specialist banking and payments providers are competing to serve financial institutions seeking domestic and cross-border settlement services.

Planned handover

Tibbles led the Australian business through the period following the integration of Australian Settlements Limited. During his tenure, the combined business was established as an Authorised Deposit-taking Institution serving clients in the Australian market.

He will continue as a special advisor until the end of the year and remain on the Banking Circle Australia Board for a further six months, providing support across a full year of transition.

Matt Lawrance, Chairman of Banking Circle Australia, outlined the Board's view of the appointment.

"This is a planned and carefully governed succession, and one the Board endorses with full confidence. Mark has built Banking Circle into an Australian bank of real significance, and in Piers, we have a proven leader who understands our clients, our strategy and our standards. Mark's continuing advisory and Board roles reflect the deliberate, orderly nature of this transition," said Matt Lawrance, Chairman of Banking Circle Australia.

Leadership change

The appointment gives Banking Circle a new local Chief Executive Officer from within its existing management team rather than from outside the organisation. Internal promotions of this kind are often used in financial services groups to limit disruption in regulated businesses and preserve relationships with institutional customers.

Tibbles described the handover as the next step for the business after a significant phase of development.

"It has been a privilege to lead this business through such a significant chapter. Together, we have built an Australian bank with real global reach, and I hand over to Piers with complete confidence. He has been a close partner throughout the acquisition and integration of ASL, and his understanding of our clients and our strategy is second to none. I look forward to supporting Piers, the team and the Board as the business continues to grow," said Mark Tibbles, Outgoing Chief Executive Officer of Banking Circle Australia.

For Banking Circle, the Australian market forms part of a broader international network that includes operations in Europe, Asia and the UK. The group's model focuses on serving regulated institutions rather than retail customers, giving the local business a specialised role within the country's banking and payments system.

Cracknell said his priority would be to continue serving the company's institutional client base while developing the Australian platform.

"Banking Circle has built a compelling and differentiated proposition for Australia's banks, fintechs and payments businesses - regulated, connected and built for the demands of modern payments. I am energised by the opportunity ahead and focused on executing that proposition for our clients, while continuing to scale and develop our platform as an ADI. I am grateful to Mark for his leadership and to the Board for their support," said Cracknell.