In an era when everyone hates banks more than ever, ME Bank is looking to capitalise on its heritage and ownership to build its position over the next couple of years. It may even be “keeping the bastards honest”, as the inimitable Don Chipp said in the lead-up to the 1980 Federal election.
Let’s face it: ME [Members Equity] is still a bank. But one of the good things about this bank is that it has a new chief executive who is committed to delivering the sort of services wanted by the members of the 35 industry funds which own it. ME Bank began, in 1994, as Super Members Home Loans, then half-owned by the then National Mutual (now AXA). It’s now being run, since last month, by a 21-yearveteran of another successful boutique bank, Bendigo and Adelaide Bank – Jamie McPhee.
Already faced with its own million-dollar legal bills, MTAA Super has been hit with an order from the Federal Court to pay legal costs incurred by its former chairman, John Rickus, after unsuccessfully suing him. 
Nicole Connolly, head of alternatives at Telstra Super, will leave the big corporate fund to take a senior consulting role. 
