In an industry known for its conservatism, George Frazis has built a career on dynamism, sharp strategy, and a knack for forging relationships with Australia’s most powerful business figures. Now, after decades at the helm of major banks, he has taken on a new challenge—his own firm, George Capital Finance Solutions. But to understand what drives him, you have to go back to where it all began.
George Frazis is not what you’d call a conventional banker. While most financial executives blend into boardrooms with practiced anonymity, Frazis has spent decades standing out.
“I grew up in housing commission in Darwin,” says Frazis from his elegant Castlereagh Street office in Sydney’s CBD, where photos of F/A-18 fighter jets share wall space with banking mementos. The space is distinguished by its grand arched windows that flood the room with natural light, a striking architectural feature that frames the urban setting.
“I didn’t have a room to myself until I went to year 11. Before that, I used to share with either a cousin or a brother.”
It’s this grounded beginning – as the eldest of seven children born to Greek migrants from the island of Kalymnos – that Frazis credits with shaping his approach to business, even as he ascended to run some of Australia’s largest banks.
His childhood was defined by hard work, community, and an unshakable belief in education. “We were migrants. We lived in housing commission in Darwin. My parents worked hard—normal migrant story, right? It was all about educating their kids and making a better life,” he recalls.
“We used to share our house with new Greek migrants arriving in Australia because that’s what you did,” he recalls. “It’s all about community and helping each other and working hard.”
That ethos now drives George Capital Finance Solutions, the debt advisory firm he founded in December 2023 after his high-profile exit from Bank of Queensland. In just 12 months, the firm has arranged more than $550 million in lending, primarily for family businesses seeking growth capital.
From Fighter Jets to Finance
Long before he became the banking executive who would eventually orchestrate ME Bank’s $1.35 billion acquisition, Frazis began his professional life in a dramatically different setting – maintaining advanced aircraft systems in the Royal Australian Air Force.
“After school I joined the Royal Australian Air Force, did electronics engineering, was based out of Western Australia, then moved over to Williamstown with 77 squadron, responsible for the F/A-18 Hornet fighter aircraft,” Frazis says. “That plane, by the way, is featured in the last Top Gun movie. Because that technology is now being declassified, it was allowed to be in the latest Top Gun movie.”
It wasn’t until age 29 that Frazis pivoted to finance, completing an MBA at the Australian Graduate School of Management before joining Boston Consulting Group. That move launched a meteoric rise through Australia’s financial sector: CFO at Commonwealth Bank’s institutional division, leading NAB’s business and private banking (Australia’s largest business bank), running Westpac New Zealand, then St. George Bank, before heading Westpac‘s massive Consumer Bank.
His final corporate role as CEO of Bank of Queensland saw him deliver six consecutive halves of earnings growth, significantly expand the loan book from $50 billion to $80 billion, and oversee a digital transformation that modernised the regional bank’s operations.
Not Your Typical Buttoned-Down Banker
Merivale founder Justin Hemmes, who worked with Frazis for more than a decade while building his hospitality empire, offers an unequivocal assessment. “George is professional, intelligent, charismatic, and a realist,” Hemmes told the AFR recently. “I worked with him at National Australia Bank, St George, and Westpac, and across that we’ve built a wonderful friendship.”
This sentiment has been echoed by Ahmed Fahour, CEO of Gurner Group, and formerly the managing director (MD) and CEO of Latitude Financial Services, MD and CEO of Australia Post, and CEO Australia of the National Australia Bank (NAB), who has described Frazis as “fiercely loyal to his team” and “very driven and whip-smart.”
Such connections have distinguished Frazis in an industry where executives typically keep low profiles. But his networking prowess is matched by a strategic mind that has consistently delivered results through transformative leadership.
“I’ve enjoyed all that I’ve been doing in banking,” Frazis says, reflecting on his career. “You’re right in the sense that it was at a senior level, but I’ve always liked all elements of it. I’ve always liked the client side of things. The fact is, that effectively the business I’ve built now is all about that.”
His move from corporate banking to launching his own venture was inspired by the relationships he built throughout his career. “I was inspired by looking at other people’s examples in terms of what they’ve done building up their businesses and secondly, because I’ve always enjoyed that aspect of my corporate life, it made sense to do that in this phase of my career.”
The Heart of George Capital: Family Businesses
Frazis has long been fascinated by family businesses, many of which share his own migrant story. “They’ve worked hard, taken risks, and gone through ups and downs to get where they are. I always admire those stories,” he says.
His focus is now entirely on family businesses – a deliberate choice that aligns with his personal values.
“I could do this for companies, but my choice is to focus on families. We help structure their debt, source capital, and find the best financial partners,” Frazis explains.
“I’m always fascinated by their stories. Like every family business, particularly if they have gone through a generational change… A lot of them are migrants that have come with nothing and then built these amazing businesses. They have worked hard, and it goes to show that Australia is a country that does provide that opportunity if you want to work hard and do something for yourself.”
This passion for family businesses isn’t merely sentimental – it’s strategic. Frazis has built his firm around a key insight: family businesses need different financial structures than corporations, particularly when planning for generational transitions.
“The thing with family businesses is, it’s really important to understand what their objectives are,” he says. “They tend to want to transition through a generation or two. That doesn’t mean that they won’t necessarily sell or aren’t open to selling. So what that says then is that you’ve got to manage the business to that requirement. Don’t grow it too fast or don’t grow too slow.”
The Greek Connection
Frazis’s Greek heritage remains central to his identity, both personally and professionally. He serves on both the US and Australian boards of The Hellenic Initiative (THI), which is celebrating its 10th anniversary in Australia with a gala ball. “I’m really proud of THI,” says Frazis. “It’s all about helping Greece’s economic development and strengthening ties with the diaspora.”
“The US gets together in Florida at the end of the January every year for a strategic conference, so I’ve attended that for the last three years. This year, actually ambassador Kimberly Guilfoyle, the newly designated US ambassador to Greece, came and spoke to THI in a kind of private dinner, which was really nice of her to do that and generous of her time.
“She really showed her passion for Greece, the importance that Greece has politically and the close relationship Greece and the US have. It was really nice to be part of that dinner and to hear it directly from her.”
Last year Frazis accepted an invitation to present at the Delphi Economic Forum , covering trends in banking and also some trade and geopolitics, particularly regarding Australia’s relationship with China.
“I was very impressed with the forum,” he says, calling it “arguably one of the more influential economic forums after the Davos conference.”
This connection to his Greek roots manifests in his business philosophy too. “If you think about how I built my business, it’s based on personal relationships because I truly believe in relationships,” Frazis says. “For me, it’s all about what’s the right thing for that person long term. So it doesn’t mean let’s change banks or do things just for the sake of it – it’s about doing what’s right for you and what you are comfortable with.”
The George Capital Difference
The George Capital team consists entirely of ex-bankers, carefully selected by Frazis for their expertise and relationship-building skills. His competitive edge? Relationships and experience. His team is made up entirely of ex-bankers with deep industry knowledge.
“Through my time in banking, you do get to know who the good bankers are,” he explains. “We understand the banks, how they operate and we really understand credit. So we use that knowledge to get the best outcomes for our clients,” Frazis says.
“The right debt structure is critical to wealth creation,” Frazis emphasises, a philosophy that sits at the heart of his new venture. “If you don’t get the structure right at the start, you can stumble a bit when you have slight ups and downs, and then trying to fix it later is harder. So it’s always better getting the right advice and structuring it carefully from the beginning.”
Despite being one of Australia’s most well-connected bankers, Frazis remains deeply grounded in Greek values of family, relationships, and community. His team includes his high-profile banker brother Paul, the second youngest of the seven Frazis siblings. “Paul’s a great banker, he is a really experienced commercial banker,” Frazis says proudly.
Frazis has also sub-let space in his Sydney CBD offices to his son Michael’s investment fund, Frazis Capital Partners. “I get to see him a lot more now,” Michael says, describing his father as “hardworking”. He adds, “Diligent is too boring a word, but he is very client-focused, and he fights for his clients, that’s for sure.”
“We focus on family businesses. We help structure their debt, source capital, and find the best financial partners,” Frazis explains. In just 12 months, George CFS has arranged over $550 million in lending.
Family Business Wisdom
According to Frazis, the most successful family businesses share several characteristics that he helps clients cultivate.
He believes too many family businesses don’t plan well for generational transitions. “The businesses that thrive are the ones where the older generation stays involved while the younger generation brings innovation. It’s about finding that balance.”
“The more successful family businesses ensure that all generations stay engaged,” he explains. “Founders—often the parents—don’t simply hand over the reins and step away. Their wisdom, combined with the younger generation’s drive to innovate and grow, creates the strongest foundation for long-term success. Transitioning should happen gradually, with the next generation taking on more responsibility over time, but my advice is to keep the parents or grandparents involved right to the end. Respect and take their advice.”
Another common mistake? Relying too heavily on one bank. “If one relationship goes south, you need options. Having multiple banking partners creates competitive tension and ensures you get the best deal.”
He also emphasises the importance of clarity around growth and risk. “You don’t want to take more risk than you’re comfortable with. You do want to grow, be sustainable, and think about the different generations.”
Digital Banking and the Future
Looking forward, Frazis sees significant changes on the horizon for finance.
“There’s no doubt that AI is this next wave of technology, which is incredible,” he says. “The internet was a huge moment in recent history, and now we’re at the start of this AI kind of explosion. So every organisation has to start thinking about that and about how it can create value for your own business.”
Another key trend he highlights is the growth of private credit. “The banks are now not the only choice that family businesses have. They’ve got private credit providers, which are high quality. They tend to be a bit more expensive, but they tend to be more flexible and faster.”
His advice for businesses navigating this landscape? “Technology is revolutionising payments, but trust, experience, and knowing how to structure deals will always be key. I still think relationships matter.
“Making sure that you’ve got choices in the banks that you use – not being solely reliant on one provider of finance because if for some reason, that relationship doesn’t go well at some point, it’s good to always have a backup and some competitive tension.”
The Private Credit Horizon
Though George Capital is barely a year old, Frazis has revealed that he’s already planning his next venture – a private credit fund that would allow his firm to directly provide financing rather than just arrange it.
This isn’t just business for Frazis – it’s personal. His career has come full circle, from the housing commission child of Greek migrants to banking executive to entrepreneur building his own firm centred on helping other family businesses thrive.
In an industry not known for sentiment, Frazis remains refreshingly connected to his roots while looking resolutely forward. For the families and businesses that turn to George Capital Finance Solutions, that combination of heritage, expertise, and vision may prove the difference between merely surviving and truly thriving in an uncertain economic future.
“For me, it’s always been about relationships,” he says. “I tell my clients: I’m not here to just do a deal. I’m here to make sure you have the right funding structure for the future.”
For Frazis, business isn’t just about deals—it’s about people.
George Capital Finance Solutions
Level 3, 219 Castlereagh Street
Sydney NSW 2000 Australia
(02) 9072 9288
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