Beyond Bank announces plans to merge with South West Credit Union.
Beyond Bank has entered into merger discussions with South West Credit Union, a customer-owned mutual bank which serves the local community in Warrnambool, Victoria.
Beyond Bank’s Chief Executive Officer, Mr. Robert Keogh, said that the Boards of both organisations shared a strong cultural alignment and similar strategic aims that will deliver shared purpose and greater value to members.
“As customer-owned organisations, we are both committed to members, staff and the local community and we feel that together we will have a greater capacity to deliver financial solutions that offer the best value to members,” said Mr. Keogh.
“Our bank has a strong position in the national financial services market. This proposed merger will enable us to partner with a like-minded organisation to build on our commitment to regional Australia and provide a very clear alternative in the market for people in Warrnambool.
“Maintaining a customer-owned approach is central to both organisations, as is our prime purpose of creating and returning value, and through this help change the lives of our members.”
South West Credit Union was formed in 1964 and has a proud tradition of serving the financial needs of its members and the Warrnambool community.
“South West Credit Union continues to be in a strong financial position and the Board has sought to identify a mutual partner that shares our values and commitment to members and the community to go forward with in our next phase of growth,” said Mr. David Brown, South West Credit Union Chief Executive Officer.
“Combining forces with Beyond Bank Australia, a leader in the customer-owned banking sector with its strong financial position and a regional Australia service footprint will allow us to provide members with a broader array of customer and community-focused services.”
The proposed merger is subject to regulatory and South West Credit Union member approval, with merger finalisation expected in early 2022.