New CEO announced for Teachers Mutual Bank

Teachers Mutual Bank Limited has announced the appointment of Anthony Hughes as the bank’s new CEO, following the retirement of long-serving CEO Steve James.

Mr Hughes, who was most recently the managing director, mortgages at Westpac (July 2020 to May 2022), has today (17 October) joined Teachers Mutual Bank Limited as its new CEO.

The incoming CEO will work alongside Mr James, the bank’s long-serving CEO, until he retires on 27 October after 18 years of service.

Making the announcement, Teachers Mutual Bank Limited chair Maree O’Halloran highlighted the incoming CEO’s extensive financial services experience and track record of delivering strong customer outcomes.

As well as working at Westpac, Mr Hughes has worked at both the Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) in senior positions and was the chief financial officer and general manager of advice at BT Financial Group.

“Anthony’s extensive financial services and leadership experience, coupled with his strategic capability will be assets to our bank as we continue to work hard to service the needs of our members,” Ms O’Halloran said.

“His experience leading a diverse portfolio of financial service businesses and large-scale transformations put him in good stead to lead TMBL through our next growth phase.”

Mr Hughes said he was looking forward to his new role and to building on the bank’s reputation as a “world-leading, socially responsible bank”.

“I am focused on building on the history and mutual values of TMBL to support the financial wellbeing of our members, ensuring our members are always put first and that our service, products and digital banking offer continues to evolve as we strive at all times to be a bank for good, for those who do good,” Mr Hughes said.

Reflecting on the legacy of outgoing CEO Mr James, Ms O’Halloran added: “As our leadership at TMBL transitions, I would like to acknowledge Steve’s legacy and thank him for his unwavering commitment and dedication to the bank, its staff and members.

“Steve has been an integral part of Teachers Mutual Bank Limited shaping and maintaining the strength, security and sustainability of the bank.

“Our members can look forward to meeting the bank’s new CEO, Anthony Hughes, and to sharing their well wishes with retiring CEO, Steve James, at our AGM on Saturday 18 November.”

The customer-owned lender is one of Australia’s largest mutual banks, with more than $10 billion in assets.

Comprising several brands (Teachers Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank, UniBank and digital bank Hiver) the mutual bank has been on a growth path recently, having acquired several credit unions – including Pulse Credit Union – in recent years.

[Related: Teachers Mutual pushes through $10bn ceiling]