The Chief Executive Officer of the Customer Owned Banking Association (COBA), Michael Lawrence, has announced his plans to retire after nearly a decade of leadership in the mutual banking sector.
Reflecting on Mr Lawrence’s contribution and long tenure, COBA Chair Elizabeth Crouch said: “Mike has done an outstanding job in bringing the sector together, allowing COBA to advocate with a stronger and more unified voice for customer-owned banking.”
Ms. Crouch said that the COBA Board has commenced planning for Mr Lawrence’s succession.
“We have a longer lead time for Mike’s departure giving us more runway to deliver on our strategy and commitments to our members and their customers. Mike’s engagement on these matters will ensure we’re well positioned for the next phase. We look forward to keeping stakeholders informed of progress between now and October,” she added.
COBA represents 51 customer-owned banks, including mutual banks and credit unions. The sector collectively serves more than 5.4 million Australians and has $196 billion in assets.
Mr. Lawrence has served as CEO of COBA since December 2017. Since then, the banking sector has experienced a period of significant regulatory reform, underscoring the enduring importance of banking models centred on customers, communities and long-term trust.
“It is and has been an absolute honour to advocate for the mutual banking, a sector that puts people and communities first. I’m incredibly proud of the successes and the resilience our members have shown through what has been a period of significant challenge and change, including supporting customers through the pandemic,” Mr Lawrence said.
“Mutual banks have had a long and proud history in Australia, dating back to 1847 and remain well connected with their customer owners and uniquely positioned to embrace opportunities for growth and innovation,” he added.
Mr. Lawrence also currently serves as the Chair of the World Council of Credit Unions (WOCCU). COBA is set to co-host more than 2,000 delegates at the World Credit Union Conference in Sydney from 19 – 22 July in partnership with the global industry association.
Customer-owned banks provide a distinct and essential alternative to the traditional investor-banking model, delivering value and purpose to people and the diverse communities they serve. As the leading voice for the sector, COBA works towards policy solutions that secure a fair and competitive banking landscape.
ENDS
For further information, please contact media@coba.asn.au.
The Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies. For almost 180 years our sector has put customers first, returning profits to 5.4 million Australians who put their trust in customer-owned banks