Münchenberg comes to the role from his current position as head of Government Affairs & Public Policy for the National Australia Bank.

Chairman of the ABA Ralph Norris said “We are extremely pleased to have secured the services of Mr Münchenberg. It is a smooth succession for the ABA which has enjoyed nine years of excellent stewardship under Chief Executive Officer, David Bell.

He said that Münchenberg brings a wealth of experience to the ABA and will focus on enhancing the work of the association. “One of the key roles for Steven will be explaining to the community and governments whether the regulatory developments, which are being developed overseas in response to the global financial crisis, are appropriate for the Australian banking system. He’s definitely up to this task,” said Norris. Münchenberg said “I am excited about this new challenge of representing our competitive and efficient banking sector. Australia has one of the most secure and successful industries in the world, as proven by our performance during the global financial crisis.”

“This is also a critical time to be taking on this role. Governments around the world are rightly looking at the lessons that must be learnt from the recent crisis. Our challenge is to protect and enhance the qualities of our banking sector which made it resilient and strong, while adapting to the post-crisis environment.”

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Münchenberg will start his new role on 8 March 2010 and Bell will remain ABA CEO until then.