- Proposed merger with AWA Alliance Bank
- AWA Alliance members to vote on the merger in early 2024
- Shared values and commitment to local communities
Beyond Bank, one of Australia’s largest customer-owned banks, is moving ahead with plans to merge with AWA Alliance Bank, based in Geelong, Victoria and with branches in Portland, Victoria, and Mandurah in Western Australia. The merger will be subject to member, regulatory and court approval.
The two organisations have signed a memorandum of understanding and have commenced merger planning.
If successful, it is likely the two organisations will merge in March 2024.
AWA Alliance Bank was formed in 1969 as the Point Henry Credit Co-operative at Alcoa on the outskirts of Geelong and, over the past 50 years, has provided banking services for regional and rural Australians. It has just over 5,700 customers and holds total customer loans of around $320m and total customer deposits of approximately $120m.
More recently, it became B Corp-certified with deep investments in its local communities. Beyond Bank, also B Corp certified and with more than 295,000 customers and $9b of funds under management, has a large regional and metropolitan network across Australia.
If the merger receives approval from AWA Alliance Bank members, regulators and the court, AWA will integrate into Beyond Bank’s extensive regional and metropolitan network, providing access to the Bank’s full suite of banking products and services. This includes the opening of a new branch location in Portland, Victoria and the creation of a community support fund that will receive an initial $200,000 injection from the Beyond Bank Australia Foundation.
Importantly, all existing staff at AWA Alliance Bank will be offered roles in the merged organisation if it goes ahead.
“The two of us are very much aligned in our values, which is further enhanced by our shared B Corp commitment that underlines our shared vision and purpose,” said Mr Jake Bromwich, CEO of Beyond Bank.
“It is exciting for us to continue the growth of our regional footprint, particularly in Victoria and Western Australia. We look forward to progressing this potential merger over the coming months and welcoming all AWA staff to the Beyond Bank family, where they can continue to progress their career while still living and working in regional Australia.”
Further media information:
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Head of Community, Sustainability and Communications
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