Building Societies Fill Need, Morris Reveals
Illawarra Mercury
Friday May 14, 2004
IMB chief executive Wayne Morris has accepted a role that will give him more access to industry regulators and politicians as the building society continues to expand nationally from its Wollongong base.
Mr Morris plans to more actively spruik the benefits of building societies after being elected chair of the industry's peak body, the Australian Association of Permanent Building Societies (AAPBS).
Mr Morris said he felt honoured to be elected to the position and looked forward to working on behalf of building societies at a time when more Australians were looking for a real alternative.
He said the benefits offered by building societies were becoming more obvious as a growing number of people became disenchanted with the flagrant priority banks had given to shareholders over account holders.
``The IMB is part of the building society sector that looks after all its stakeholders," Mr Morris said.
``One of the stakeholders is our community in which we serve. Building societies have always nurtured close links with the community and enjoy a much better reputation than banks.
``Building societies have a widely-known reputation for fair treatment of their customers.
``They value their proud record of customer service and loyalty which has given them one of the most trusted brands in financial services," he said.
Mr Morris proudly stated the IMB, one of Australia's largest and oldest building societies with more than $3.2 billion in assets under management, actively promoted customer service as business priority.
And it seemed to be working because the business was still able to grow nationally while retaining its national headquarters in Wollongong.
In 2003 it lent almost $1 billion for residential housing.
``The forecast is for this to be the third year in a row that our total annual lending will exceed $1 billion," he said.
Mr Morris reported a number of building societies were doing well and achieving above average growth.
``Underlying principles of our industry reflect what people out there want."
Mr Morris, who was previously a deputy chairman, said it was the second time someone from the Illawarra had held the position.
Peter Jack performed the role more than a decade ago.
Greater Building Society chief executive John Arnold and Hume Building Society chief executive Andrew Saxby were elected deputy chairmen of the AAPBS.
© 2004 Illawarra Mercury
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