Former RBA head retires as non-major chairman

by Julia Corderoy06 Feb 2015
The chairman of non-major bank, ME Bank has stepped down from his position after 15 years in the role.

Bernie Fraser joined ME Bank in April 2000, when the organisation was only six years old and operating as a simple securitised mortgage provider. 

A former Governor of the Reserve Bank of Australia, Fraser has provided a depth of banking knowledge and experience which has has overseen the transformation of the non-major into a rising force within the banking industry.

During his tenure, Fraser also oversaw ME Bank’s acquisition of a full banking licence in 2001, a move that allowed the lender to expand its product portfolio, grow its customer base, and diversify funding sources.

ME Bank chief executive, Jamie McPhee says Fraser leaves the lender in a very strong position with double-digit profit and customer growth, and with new technology systems that will be a key enabler for further growth. 

Fraser will be replaced by current director, Garry Weaven, as Chairman.

“It has been a privilege to serve ME Bank and the industry super funds for many years, but I am now looking forward to a bit more time for my other interests,” Fraser said.