Merger signals more growth for Beyond Bank Australia
March 2016Share This Story
Beyond Bank Australia continues to strengthen its national network with the impending merger with NSW’s Country First Credit Union now ready to proceed.
Country First members voted overwhelmingly in favour of the amalgamation of the two customer owned financial institutions, which, subject to final regulatory approval from APRA, takes effect from 1 April 2016.
The merger has been widely viewed as a strong vote of confidence in Beyond Bank Australia’s ability to provide a clear alternative in the banking sector across Australia.
“Country First members have recognised that a larger entity will be better equipped to provide them a wider range of products and services and I’m pleased to welcome them to the Beyond Bank group,” said Beyond Bank Australia Chief Executive Officer, Robert Keogh.
“Importantly, this brings together two organisations with very similar values.
“Both Beyond Bank Australia and Country First are firmly focused on creating value for their members as well as offering genuine support to the communities where their members live and work.
The combined entity will boast more than 203,000 members with assets under management of $4.41 billion.
It also positions Beyond Bank Australia for further growth and reinforces its commitment to expansion into other markets.
“Beyond Bank Australia has been able to grow steadily despite an uncertain and often challenging economic climate,” said Mr Keogh.
“The key to this expansion has been prudent management of mergers and acquisitions and it is both positive and pleasing to see that the customer-owned banking sector is held in such high regard.”