In a statement released by the bank, ME Bank said Mr Fraser has resigned effective immediately and will be replaced by current director Garry Weaven.
“During his tenure Mr Fraser oversaw ME Bank’s acquisition of a full banking licence in 2001, a move that allowed ME Bank to expand its product portfolio, grow its customer base, and diversify funding sources,” a statement from ME Bank said.
“As chairman, he also shepherded the bank through the [GFC], including overseeing the bank’s transition from a securitisation-based funding model with the majority of assets held ‘off-balance sheet’ to the traditional banking model with loans originated on-balance sheet.
“Mr Fraser leaves ME Bank in a very strong position with double-digit profit and customer growth, and with new technology systems that will be a key enabler for further growth,” the statement said.
