A long‑serving leader of Australia’s mutual banking sector is set to hand over the reins.
The Customer Owned Banking Association’s (COBA) long‑time CEO Michael Lawrence will retire in October, ending nearly nine years at the helm of the peak body.
COBA announced the news on Thursday (19 March) with Lawrence having served as CEO since 2017.
COBA chair Elizabeth Crouch confirmed that the association had started a structured succession process for Lawrence, who she said had led the organisation through a period of intense reform and scrutiny of banking culture and customer outcomes.
Reflecting on Lawrence’s tenure, Crouch said his main achievement had been unifying a diverse group of member institutions behind a stronger policy voice.
“Mike has done an outstanding job in bringing the sector together, allowing COBA to advocate with a stronger and more unified voice for customer‑owned banking,” she said.
Crouch also stressed that the transition would be carefully managed over several months, with Lawrence remaining closely involved in major projects until his eventual retirement in October.
“We have a longer lead time for Mike’s departure giving us more runway to deliver on our strategy and commitments to our members and their customers,” Crouch said.
“Mike’s engagement on these matters will ensure we’re well positioned for the next phase, we look forward to keeping stakeholders informed of progress between now and October.”
Outgoing CEO highlights resilience and history
Lawrence said leading the association had been both a privilege and a test of the sector’s character.
“It is and has been an absolute honour to advocate for the mutual banking, a sector that puts people and communities first,” he said.
He also pointed to how member institutions navigated recent shocks, including the pandemic, as evidence of the model’s strength.
“I’m incredibly proud of the successes and the resilience our members have shown through what has been a period of significant challenge and change, including supporting customers through the pandemic,” Lawrence said.
Looking ahead, Lawrence said that mutuals’ long track record positioned them to continue expanding and innovating in a changing market.
“Mutual banks have had a long and proud history in Australia, dating back to 1847 and remain well connected with their customer owners and uniquely positioned to embrace opportunities for growth and innovation,” he said.
COBA reiterates scale of customer-owned banking sector
COBA represents 51 customer‑owned banks, including mutual banks and credit unions, which together serve more than 5.4 million Australians and hold around $196 billion in assets.
The association said it had used its footprint in recent years to advocate policy settings it said would support genuine competition with the listed majors.
Lawrence’s time as CEO has coincided with the post‑royal commission clean‑up, ongoing APRA and ASIC reforms, and the economic shock of the pandemic, all of which have tested how institutions treat borrowers during stress.
In that context, COBA said it had consistently framed the customer‑owned model as a counterweight to investor‑driven banking.
Global spotlight before transition
Beyond his domestic role, Lawrence currently serves as chair of the World Council of Credit Unions, linking Australia’s mutual sector to global credit union networks.
COBA is preparing to co‑host more than 2,000 delegates at the World Credit Union Conference in Sydney from 19–22 July in partnership with the global body.
Lawrence is set to remain in place through that conference and the subsequent handover period.
[Related: Public consultations open on customer-owned banking code review]
