Wealth One Bank of Canada (WealthONE), one of Canada's fastest growing digital banks announced the appointment of Michael Koshan as Chief Financial Officer (CFO).
Michael has over 25 years of experience, mostly recently as CFO at Nuula, and brings his considerable expertise in treasury and capital markets within regulated financial institutions, alternative finance solutions and fintech to the bank. Prior to that, Michael was CFO at Dealnet Capital, where he was instrumental in a strategic review of the company, restoring growth during a period of restructuring and recapitalization without dilution, resulting in an eventual sale that maximized value for shareholders. Michael also spent 11 years with HSBC Treasury and Capital Markets, where he built out their securitization funding capabilities in Canada.
As WealthONE continues its rapid growth, Michael will have direct responsibility for financial & regulatory reporting, treasury, financial planning & analysis, and tax. Michael will be a core member of the executive leadership team and will consult on a variety of other areas, including risk management, corporate strategy, governance and continuous improvement initiatives. This new phase for WealthONE coincides with Jessica Fong, transitioning from CFO into a senior advisory role for the bank. Jessica served as Director of Finance, Controller Interim CFO and CFO since joining the bank in 2017.
"Michael is the right leader for the next phase of WealthONE's evolution" said Paul Leonard, WealthONE President and CEO. "Michael's extensive background and skills will help the bank achieve its long-term financial objectives. We are also grateful to Jessica Fong for guiding the bank's finance team through a critical growth phase over the past five years. The bank has grown by over 500% and Jessica has been instrumental in our success to-date. We look forward to having Jessica continue to play a key financial advisory role for bank."
"I am very excited to be joining the WealthONE team," said Michael Koshan. "I believe WealthONE has a great business model and talented management team that uniquely positions it to capitalize on the significant opportunities it is pursuing.