21 October 2016
Sydney, 21 October 2016: The Chairman of the Australian Bankers’ Association, Andrew Thorburn, today announced that Steven Münchenberg will be stepping down as Chief Executive of the ABA.
“Steven has led the ABA successfully for more than six and a half years, through some challenging times for the banking industry. He has now advised me that he would like to move on to the next opportunity in his career,” Mr Thorburn said.
“On behalf of the membership and Council of the ABA, I would like to thank Steven for his tremendous commitment to the industry and his leadership of the association. Steven helped the banking industry navigate through a rapidly changing political and regulatory environment in the wake of the global financial crisis and more recently as the industry has strived to better explain the role banks play for customers, the community and the Australian economy.
“As an industry we recognise there is more to do to build trust and confidence in what is a world-class banking system and to communicate the benefits of strong banks for all Australians. Thanks to the work of Steven and his team, the next chief executive has a strong foundation to continue that journey.”
Mr Thorburn said Mr Münchenberg had agreed to continue to serve as Chief Executive during the search for his replacement.
“When I became ABA Chairman at the end of last year, Steven flagged with me that he felt seven years was the right tenure for this role. We are grateful that he will stay on while we find a suitable replacement to take the association forward,” Mr Thorburn said.
Mr Münchenberg thanked Mr Thorburn, the ABA Council and membership and the ABA team for their commitment and support during his time as Chief Executive.
“I have enjoyed strong backing from five ABA Chairmen, their Deputy Chairmen, the Council and the banks. I have also been very well served by a small, dedicated and highly professional team at the ABA.
“One of the privileges in this role has been to work with many people in the banks, politics, the media, regulators, community and consumer organisations and small business bodies. I have appreciated their willingness to work with us to produce good outcomes for Australian consumers and our community, and to safeguard our strong, resilient banking system which has helped to drive economic growth and jobs for Australian workers,” Mr Münchenberg said.
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“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC”
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”