16 October 2017
The Australian Bankers’ Association today resolved to nominate ANZ Chief Executive Officer Shayne Elliott as Chair at its Annual General Meeting in early December.
Mr Elliott will succeed current Chair of the ABA, National Australia Bank Group Chief Executive Officer Mr Andrew Thorburn.
Commenting on the nomination Mr Elliott said: “The banking industry is working hard to build trust with customers, the community and with federal and state politicians on all sides. While we have made significant improvements in recent times, rebuilding community trust is a long-term issue and change within the industry needs to be bolder and faster.
“I look forward to making a positive and progressive contribution as the industry continues with the important task of delivering sustained change which delivers better outcomes for customers and helps rebuild our reputation.
“I would like to thank Andrew Thorburn for his stewardship of the ABA during this time and I look forward to building on his strong legacy of industry reform,” Mr Elliott said.
ABA Chief Executive Anna Bligh welcomed Mr Elliott’s nomination.
“Shayne has a long and distinguished career in banking and will bring considerable energy and commitment to the transformation process led by Andrew,” Ms Bligh said.
“The industry is currently undergoing the greatest program of reforms that banking has seen in decades. It’s vital that this continues and that we work to rebuild trust and better service the needs and expectations of the community,” she said.
By convention, the Chair of the ABA rotates between the Chief Executive Officers of the major banks. With the CEO succession announcement at the Commonwealth Bank in 2018, the next organisation on rotation is ANZ.
“For the sake of continuity it was decided to bring forward Mr Elliott’s term rather than seek an alternate chair,” Ms Bligh said.
“There are a number of reviews and reforms to be introduced in the coming year, so consistency is important. I am looking forward to working closely with Mr Elliott in his new role,” she said.
Mr Elliott’s term will begin after the ABA’s Annual General Meeting in December.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nathalie Samia 0410 348 531
Latest news
“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.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”