Bernie Fraser Appointed As Chair Of AXA/IFS Joint Venture - Members Equity


The AXA Australia and Industry Fund Services joint venture today announced its new Board of Directors and unveiled its name - Members Equity (ME).

The new Chair will be Bernie Fraser, former Governor of the Reserve Bank. The Board of Members Equity consists of experienced representatives from the banking and financial services community. Joining Bernie Fraser is Les Owen (Group Chief Executive, AXA National Mutual Holdings), Rick Allert (Deputy Chairman, AXA National Mutual Holdings), Garry Weaven (Executive Chair, Industry Fund Services), Tony Killen (former Managing Director, AXA National Mutual Holdings) and Arthur Apted (Managing Director, Industry Superannuation Property Trust).

Anthony Wamsteker, the Chief Executive of Members Equity, said “I’m extremely pleased that we have a Board of such calibre and with Bernie Fraser taking on the role of Chair, Members Equity will have an enormous amount of experience from which to draw.”

“We aim to meet the basic financial service needs of the average Australian worker and small business operator by providing first class products at very competitive interest rates, low fees and no gimmicks.”

Chair Bernie Fraser said “Anthony Wamsteker and the Management team have already demonstrated a capacity to deliver attractive products and services with Super Members’ Home Loans proving very popular since its inception in 1994. SMHL remains one of the fastest growing major home loan providers. Members Equity will continue to provide the same value to customers across a wider product offering.”

Technology is intended to play a key role in delivering low cost products. The aim is to avoid the substantial overhead costs of a traditional retail branch network by encouraging customers to deal through familiar channels like the telephone, ATMs, Eftpos and Giro Post, as well as through the Internet. The savings generated through this approach will be passed on to customers through competitive interest rates, better service and lower charges.

Since announcing the joint venture last year, Members Equity has had informal discussions with the Australian Prudential Regulatory Authority (APRA) regarding banking licence requirements. Consideration is currently being given to whether Members Equity should formally apply for a banking licence.

Members Equity has joined the Cashcard network and has access to the majority of ATM networks and to every Eftpos device in Australia. Agreements also have been signed with Australia Post (Giro Post) which will give customers access to certain services through the extensive Post Office network.

At the same time as this product development work has been occurring, Members Equity has been growing its established home loan business very strongly. Loan volumes are currently running at double the levels of last year; Members Equity is on target to write over $2 billion in home loans in this financial year.

Garry Weaven said “With regard to the superannuation fund equity raising to invest in Members Equity, Industry Fund Services has received expressions of interest from more than 50 superannuation funds. The investment offering is due to close on 10 March with several funds expressing a desire to subscribe for additional units”.

For further information contact:

Anthony Wamsteker - Chief Executive, Members Equity (03) 9617 2728
Garry Weaven - Executive Chair, Industry Fund Services (03) 9657 4328
John Nairn - General Manager Corporate Affairs,
AXA National Mutual Holdings (03) 9617 2901