COBA today announced the appointment of Michael Lawrence as its new CEO.
Mr Lawrence brings 30 years’ experience in financial services to the role.
He led AMP Bank as Managing Director from 2007 to 2015 and also worked at NAB in a range of roles in Australia and overseas, as well as time at Westpac.
During his tenure as Managing Director of AMP Bank he took profit from $9m to $104m, with return on capital increasing from 6% to 16% and cost to income ratio down from 78% to 31% over the same period.
“The Board warmly welcomes Michael and looks forward to the pivotal role he will play representing customer owned banking,” COBA Chair Wendy Machin said.
“Michael’s strong background and experience as a leader will enable him to immediately take up a busy advocacy agenda.
“Michael has already shown a great understanding of the issues and opportunities for the sector.”
Commenting on his appointment Mr Lawrence said:
“I am delighted to join COBA as its new CEO.
“The customer owned banking sector has a great deal to be proud of, particularly with its strong customer and community focus.
“I look forward to advocating strongly for the sector and ensuring it continues to have a vibrant and strong future.
“Customer owned banking already delivers terrific outcomes for millions of Australians. I’m very keen to help COBA members deliver on their exciting plans for growth in the future and within a competitive environment.”
Michael Lawrence begins as COBA CEO on December 4.
Customer Owned Banking Association is the industry body for credit unions, mutual banks and building societies.