South West Credit members have voted in favour of a merger with Beyond Bank Australia at a Special General Meeting held in Warrnambool, Victoria on Monday 21 March.
92.62% of the credit union’s members voted overwhelmingly in favour of the merger. Both organisations have followed the adequate adoption process and necessary documents have been lodged with APRA for approval. Subject to this, the merger to take place on 1 April 2022.
Beyond Bank is one of the largest customer-owned banks in Australia and the merge will see South West Credit’s 13,000 customers link in to Beyond Bank’s extensive regional and metropolitan national network.
“We are delighted to merge with South West Credit as we are aligned in so many ways, through our values, our purpose and our commitment to local communities including those across regional Australia,” said Mr Robert Keogh, CEO, Beyond Bank Australia.
South West Credit Chief Executive Officer, Mr David Brown, agreed and said the merger will further boost the suite of banking products and services available to members.
“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,” said Mr Brown.
All South West Credit staff have been offered roles in the merged organisation.
System integration to ensure a smooth transition of all data has been planned for early September and there will be no disruption to customers during this time.