Barrington joins IFG as non-executive director

FINANCIAL services provider IFG announced yesterday that former GPA high flyer, Colm Barrington, has joined the board as a non executive director.

Richard Hayes, chief executive, IFG, described his joining as a “huge coup for IFG and its shareholders.”

Mr Barrington is currently a senior executive with international financial group Babcock & Brown, formed in 1977 to facilitate leveraged business deals.

Babcock & Brown operates from 19 offices worldwide, anchored by administrative hub offices in Sydney, San Francisco, New York, Munich and London.

Mr Barrington was best known as one of the top executives in GPA up to the failed flotation of the aircraft leasing group in the early 1990s, when he and fellow directors were in line to make hundreds of millions from their holdings.

IFG issued a brief statement yesterday following its AGM saying the outlook for the current year was for IFG to meet expectations.

Mr Hayes said this would see earnings per share grow from 10 cents to 12 cents per share year-on-year.

After a slow start, Mr Hayes said operations Britain which span mortgage provision and back office administration for pensions has begun to pick up significantly.

Management in Britain has also been improved significantly since the appointment of a new chief executive there last year, he said.

Also the group’s international business which provides reservation services for resorts around the world is also beginning to kick in.

Insurance processing is also starting to deliver after a few years of difficult trading.

Mr Hayes was optimistic that the situation is beginning to improve considerably from where it was.

About 12 months back IFG announced a joint venture with GE Capital to provide mortgages for those who other lenders regard as high risk.

Again after technical difficulties streamlining back office systems, this product is also on line to deliver positive results in its second year, he said.