Prominent industry funds figure and former Reserve Bank of Australia governor Bernie Fraser is stepping down as Chairman of industry-funds owned ME Bank.
Fraser is retiring after joining ME Bank in April 2000, when the organisation, which is owned by 30 industry super funds, was six years old and operated as a securitised mortgage provider.
During his time, Fraser was part of ME Bank's acquisition of a full banking licence in 2001.
He was also with the bank during the global financial crisis, and oversaw the bank's evolution from a securitisation-based funding model with most assets held off-balance sheet, to the traditional banking model with loans coming from on-balance sheet.
"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.
Fraser stepped down as an independent director of AustralianSuper and Cbus in 2011, positions that he held since 1996. He was also independent director of AustralianSuper predecessor funds Superannuation Trust of Australia and Australian Retirement Fund.
Current director Garry Weaven will replace Fraser as chairman.