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Mr De Fazio formally commenced his role at the mutual bank on Thursday (26 July) last week, after serving as acting CEO since April this year and as CFO since January 2017.
He replaces former CEO Stephen Capello, who has taken on the position of chief executive at another mutual bank, Hume Bank.
Prior to joining BankVic, Mr De Fazio held senior roles at AGEST Super, Kinetic Super, NAB and ESSS.
“BankVic is on a strategic path of growth and sustainability,” said the mutual bank’s chair, Wayne Taylor.
In its 2016–17 financial year results, the bank, which targets public sector employees, reported holding $1.62 billion in assets, an 8.7 per cent increase from the $1.5 billion recorded in the previous year. At the end of June 2017, it had nearly 108,000 members.
The figures have since grown to 112,000 members and $1.78 billion in assets.
The mutual bank formerly traded as Police Association Credit Co-Operative, converting to BankVic in 2012.
Mutuals on the rise
Recent quarterly statistics from the Australian Prudential Regulation Authority (APRA) shows strong growth for the customer-owned banking sector.
According to APRA’s report for the April-June quarter, total customer-owned banking sector assets reached approximately $112 billion, representing a year-on-year increase of about $6 billion.
Housing loan growth for customer-owned banks performed better than the major banks, growing by 5.1 per cent and above system with a recorded growth of 5.4 per cent.
Studies also show a consistent decline in trust in the big four banks, as customer-owned financial institutions gain some trust.
For example, a survey of 1,000 Australian consumers by Essential Media has revealed that nearly half of respondents, or 47 per cent, have less trust in the major banks, while 14 per cent expressed greater trust in the big four.
While 18 per cent of respondents expressed greater trust in credit unions, 17 per cent in mutual banks and 15 per cent in building societies, the customer-owned financial institutions were not completely immune to declining trust among consumers.
According to the study, 13 per cent said they have less trust in mutual banks, while 11 per cent and 10 per cent of respondents indicated a decline in trust for credit unions and building societies, respectively.
An earlier study from the same research firm showed that almost a third of respondents, or 32 per cent, were more likely to consider switching banks in the wake of the royal commission’s findings.
[Related: Mutual banks’ assets continue to rise]
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