Co-op Money NZ Announces Departure Of Innovative & Visionary CEO

CEO Henry Lynch will leave Co-op Money NZ after almost 8 years

AUCKLAND, 26 MARCH 2018: Co-op Money NZ, the industry association for credit unions and mutual building societies says that Chief Executive Officer Henry Lynch will leave the organisation in April after almost eight years.

Claire Matthews, Chair of the Board of Co-op Money NZ says Henry made many significant contributions over the almost eight years as CEO to the growth, modernisation and evolution of the credit union sector.

“It was Henry’s tremendous drive and flair that saw the introduction of debit card and mobile banking products to the credit union sector – in terms of ATM payment switching Co-op Money NZ is now the biggest in the country with approximately 1,000 ATMs payments switched through our payments switch which is over 30% of the New Zealand market.

“More recently Henry has also successfully led the migration to a world-class tier 1 banking system with Oracle FlexCube, as part of Co-op Money NZ’s strategy to focus on banking and payments – Co-op Money NZ is one of the first non-bank organisations in the world to have this advanced platform which is a huge achievement.”

Matthews adds that under Henry’s tenure Co-op Money NZ also joined Mastercard as a direct participant and sold its insurance book held by Co-op Insurance NZ.

“Henry’s vision has been pivotal in ensuring that the credit union sector remains a vitally important part of New Zealand’s economic, financial and social fabric. Henry brought his 30+ years of financial services industry to ensure Co-op Money NZ and the credit union sector is now at the forefront of the New Zealand banking system.

“Henry leaves a proud legacy of introducing innovations and technological firsts for the credit union sector so that the credit union sector now competes and offers a real alternative to the big Australian-owned banks.”

The Board is also very grateful for Henry’s management of the successful court case around our right to provide products and services to Associate Members and third parties. The changes to the outdated Friendly Societies and Credit Union Act are now due shortly to come back to Parliament for a second reading.

“After almost eight years Henry decided it was time for a break and to move on to other career challenges with his last day being 6 April 2018. We wish him and his family all the best for the next chapter of his career.”

The Co-op Money NZ Board has appointed Chief Operating Officer Jonathan Lee as Interim CEO.

ENDS.

For more information please contact:

Claire Matthews
Chair, Co-op Money NZ
Mobile: 021548 772