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ISCOVER
Staff Reporter
The Greater Building Society’s chief executive Don Magin has been elected as the new chairman of Abacus.
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Mr Magin replaces Hume Building Society chief executive Andrew Saxby who remains a director.
Speaking about his appointment, Mr Magin said he was excited to continue his work with the mutual financial sector and ensure it becomes entrenched as the fifth pillar of banking in Australia.
“I am confident that building societies and credit unions will continue to grow as a real alternative to the major banks to benefit Australian home owners and investors,” Mr Magin said.
“We need to keep getting the message out to Government and to consumers that, as customer-owned, people-focused financial institutions, building societies, credit unions and mutual banks are well-capitalised and focused on delivering lower fees, competitive rates and better service than the big banks,” he said.
Mr Magin joins the board with a wealth of experience, including 25 years in the financial services sector.
He is a director of industry body Australian Settlements Limited (ASL). He is also a director of Heal for Life Foundation, a national charity supporting survivors of childhood abuse and trauma and is a member of the Executive Council of Alumni of the University of Newcastle.
