Sydney, 3 December: The Council of the Australian Bankers’ Association (ABA) has elected Ralph Norris, Managing Director and Chief Executive Officer, Commonwealth Bank, as the new ABA Chairman.
Mr Norris succeeds John Stewart, National Australia Bank’s Group Chief Executive Officer.
Mr Norris said under Mr Stewart’s chairmanship, the Australian banking sector remained well capitalised and strong despite the effects of the global credit crisis.
“Mr Stewart has been a very effective ABA Chairman especially during this credit crisis which has been one of the most turbulent periods in recent banking history, and one which presented many regulatory challenges for the ABA and the industry. I thank him for his efforts on behalf of the industry.”
“My focus will be to ensure that any regulatory proposals responding to the impact of the US sub prime crisis, particularly from overseas, should be well considered in terms of how they impact on the well performing Australian banking sector, and on our customers.”
“It will be important in the months to come to recognise that the stability of our banking sector contrasts with many other countries which have seen bank collapses and bail-outs supported by taxpayers’ funds," Mr Norris said.
Australian banks continue to provide core banking services to the community, operating accounts and making loans, which form part of the foundations of the country’s economic health.
Mr Norris added: “The ABA Council is urging the Federal Government to make sure that any changes to financial sector regulation balance the desire for stability with the need for appropriate risk-taking and market initiative.”
Outgoing chairman Mr Stewart said that he hoped the credit crisis would not deter the Government and the Opposition from their commitments to improve regulatory processes and developing Australia as a financial services centre in the region.
“I am pleased with the ABA’s progress in working toward good outcomes on important public policy issues like payments, national regulation of credit and financial literacy initiatives.”
“There is still more work to be done and I am confident that the ABA will maintain this momentum under the incoming Chairman Ralph Norris.”
Stuart Davis, Chief Executive Officer of HSBC Bank Australia, will continue in his role as Deputy Chairman of the ABA.
For further information:
Heather Wellard, ABA PR
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS