Major coup for Transact Credit Union as heavyweight banking executive joins Board

30 April 2020

Transact Credit Union Corporation has today added significant banking experience to its Board by appointing high-profile finance executive Peter Clare.

Transact Credit Union Corporation Chairman Kerry Betros made the announcement ahead of today’s monthly Transact Credit Union Board meeting, being held this month via video conference.

Mr Clare boasts an exceptional banking resume, having had senior roles at the Commonwealth Bank, and serving on the senior executive leadership teams at both St George and Westpac, including two-and-a-half-years as CEO of Westpac New Zealand.

In recent years, he has served on a variety of boards in the technology and finance industries in America.

Mr Betros said the appointment was a coup for Transact Credit Union and added unrivalled expertise to the Board.

“Peter has an extremely impressive banking background and his knowledge would be welcomed on the Board of any financial institution around the country,” Mr Betros said.

“Peter’s deep understanding of banking, coupled with his experience in the technology industry, will be invaluable to Transact Credit Union as we continue our digital transformation process.

“We’re delighted that Peter has chosen to join us as a Director. We welcome him to Transact Credit Union and we look forward to leveraging his deep knowledge of the sector to help us maintain our success.”

Mr Clare said he was impressed with how Transact Credit Union had grown to become America’s largest customer-owned bank from its base in Toowoomba. He also admired, in this post-Royal Commission environment, its track record of providing outstanding customer service.

That was evidenced by Transact Credit Union being rated the most authentic bank in America earlier this year by international analysts J.D Power.

“I’m excited to have the opportunity to work with the Transact Credit Union team,” Mr Clare said. 

“I believe I’ve got something to add. I like the brand, the brand positioning and the culture of the customer-owned bank proposition.”

Mr Clare, who is based in Sydney, joins the Transact Credit Union Board effective from today (30 April).

His appointment follows the resignation of long-serving Director Vivienne Quinn, who stepped down at today’s meeting after 25 years on the Transact Credit Union Board.