My Credit Union to merge with Beyond Bank Australia
December 2017Share This Story
Members of My Credit Union voted overwhelmingly in favour of the merger (88%) at the AGM on Thursday 30 November.
“My Credit Union is a very well-run organisation. We could have continued to operate profitably over coming years. However, looking at the longer term interests of our members, the Board decided that a merger positions us best to continue to deliver great value and personal service to our members into the future,” said My Credit Union Chair, Rebecca Richardson.
“We see Beyond Bank Australia as an ideal partner to move forward with. They are a member-owned mutual with the necessary size and financial strength to support a full range of services, along with the contemporary technology to ensure a great customer experience. Importantly, they share our values and strong commitment to members.”
Beyond Bank Australia is looking to establish a presence in the rapidly-growing Sydney market and My Credit Union’s presence in this market created an excellent opportunity for partnership. The partnership will also strengthen the presence of both organisations in regional areas.
“Both Beyond Bank and My Credit Union are firmly focused on creating value for their members as well as offering genuine support to the communities where their members live and work,” said Beyond Bank Chair, Anne O’Donnell.
“The combined entity will have more than 224,000 members across Australia and its combination of banking, wealth and community services creates a unique banking alternative. The key ingredients to this expansion has been the Common Values shared between the two organisations, the prudent approach taken throughout the process and the quality of the staff in both organisations,” said Ms O’Donnell.