Regulatory reform will top the agenda for Yasser El-Ansary (pictured left), who takes the helm at the Customer Owned Banking Association (COBA) on 2 November.
El-Ansary succeeds Michael Lawrence (pictured right), who retires later this month after nine years leading the industry body for Australia’s mutual banks and credit unions.
COBA’s 47 member institutions collectively serve more than 5.4 million Australians and hold over $200 billion in assets, offering an alternative to investor-owned banks.
The appointment comes as mutual banks and credit unions have more than tripled their mortgage books to $150.9 billion since 2019, nearly doubling their market share, according to APRA data to March.
El-Ansary has signalled that policy settings will dominate his early focus.
“A key priority will be enhancing the regulatory environment and ensuring customer-owned banks are empowered to thrive as a competitive alternative in the market,” he said.
He also pledged to work closely with members and COBA staff to advance the association’s strategy.
The focus on regulation reflects pressures already reshaping the sector. Lawrence said in February that mutual banks and credit unions are disproportionately burdened by regulatory costs, which can contribute to merger decisions.
COBA chair Elizabeth Crouch AM pointed to El-Ansary’s record leading membership bodies, saying, “Yasser is well placed to advocate for a purpose-led banking model”.
His career spans more than three decades in strategy and leadership roles, 10 of them in financial services executive positions. He was previously CEO and managing director of the Financial Services Institute of Australasia (FINSIA) and also led the Australian Investment Council, the national peak body for private capital.
Lawrence, who took the helm in December 2017, steered COBA through a period of significant regulatory reform, including the banking royal commission.
Reflecting on his time in the role, he said: “Our sector has shown incredible resilience in expanding the reach of customer-owned banking”.
Lawrence added that he was confident his successor had the vision to help the sector thrive in its next chapter.
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