CBA president stepping down

Neil Parmenter, president and CEO of the Canadian Bankers Association (CBA), plans to leave his post as of Dec. 23.

Parmenter recently gave his notice to the association’s executive council, which has begun looking for his replacement.

Parmenter joined the CBA as its leader in May 2017, also serving as a board director during his tenure. Over the past five years, he also was a member and board director for the International Banking Federation, an organization that was founded in 2004 and which represents more than 18,000 banks.

Prior to joining the CBA, Parmenter worked at TD for 15 years in various senior management roles.

“It was an honour to serve Canada’s banking industry and to lead this prestigious organization for almost five years,” Parmenter said in a Tuesday press release. He credited the CBA for being “a stronger, more modern and more effective organization,” noting that it has helped the industry navigate the tumultuous times brought on by the Covid-19 pandemic.

“Their hard work and ingenuity were instrumental in guiding Canadian banks’ leadership through a global pandemic that saw our industry stand tall for small businesses, communities, governments and Canadians in the face of tremendous disruption and uncertainty,” Parmenter said.

One example is the CBA offered support when the country’s six largest banks allowed customers to defer payments on more than 10% of the mortgages in the banks’ portfolios. In an August 2021 post, the CBA noted that 13 of its member banks have offered mortgage relief to nearly 800,000 Canadians — and to the tune of more than $5.5 billion.

About Parmenter’s resignation, the CBA noted in its release that its executive council and senior management will work to “ensure a seamless transition of his responsibilities” before his last day.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.