Former COBA chair appointed to mutual’s board

by Melanie Mingas15 Mar 2019

Australia’s largest mutual bank has named the latest addition to its board of directors, with the appointment effective immediately.

Experienced chair and non-executive director Wendy Machin will join the board of Heritage Bank, as confirmed by board chairman Kerry Betros.

 “Appointing Wendy to the Heritage Board adds a wealth of business acumen and expertise that will be invaluable for us in delivering ongoing success for our members,” Betros said.

Machin holds extensive experience in leadership across the financial services sector, member-owned sector and political and regulatory realms.

Most recently, she spent four years as chair of the Customer Owned Banking Association (COBA) and currently holds the positions of chair of the Australasian New Car Assessment Programme and Reflections Holiday Parks, as well as being a director of the NSW Forestry Corporation.

Previously Machin was president and director of the NRMA and a director at Destinations NSW, the Australian Automobile Association and the National Occupation Licensing Authority. Additionally, she spent 11 years as a member of the NSW Legislative Assembly, including a period as minister for consumer affairs.

“This experience gives Wendy a detailed understanding of both the banking world and member-owned organisations. That’s essential in helping us continue to guide Heritage in serving the best interests of our members,” Betros said.

“She has forged a successful career across a variety of other industry sectors and organisations, which has given her a broad range of skills and expertise. The significant network of contacts she has developed across her career, both in our industry and in government Australia-wide, and her long history of dealing with regulators and legislators, will be of considerable assistance to Heritage,” he added.

Machin, who is based in Sydney, joined the Heritage Board effective from March 14.

She said, “As a customer-owned bank, Heritage offers a different business model that puts customer interests ahead of investor dividends, unlike the big four banks.

“Heritage is a great brand and there is huge potential to increase its footprint nationally to make more people aware of the outstanding customer experience it has to offer,” she added.