The Nexus Mutual story.

In early 1969 a group of Esso employees wanted to establish a co-operative financial institution that could be owned, operated and totally committed to Esso people and their families with the aim of being able to help each other build a more financially secure and rewarding life.

With the support of many people and Esso Australia, in March 1969 the Esso Employees Credit Union – EECU – was formed, with operations based out of the 17th floor of the old AMP Building at Circular Quay in Sydney. The first year of the credit union was a resounding success with over 640 members joining, whilst loans totalling more than $200,000 (more than $2M in 2017 money) were approved and provided to some 470 members.

In 1971, following the construction of Esso House on Kent Street, EECU was afforded a ground level shop front to provide branch operations to a growing membership. The first full time manager was appointed around this time and new products and services were introduced to meet the needs of the expanding membership.

EECU operated the Sydney branch within Esso House until December 1991, and then was relocated within the new ExxonMobil headquarters at Riverside Quay, Southbank in Victoria when it opened in 1995. 

In early 2017 the organisation launched a new name and brand - Nexus Mutual. In May 2018, Nexus Mutual moved together with ExxonMobil's headquarters to 664 Collins Street, Docklands Victoria.

The evolution of an era.

Due to the changing and competitive banking landscape where operating costs and considerable challenges ahead would impact Nexus Mutual’s ability to continue providing an attractive banking offering for its members, a merger with Beyond Bank, one of Australia’s largest member-owned banks, was proposed.

On 17 February 2020, an overwhelming 93.4% of votes cast by Nexus Mutual’s members at a Special General Meeting (SGM) were in favour of the merger.

The merger with Beyond Bank took place on 1 March 2020, with Nexus Mutual keeping its brand, branches, employees and local decision-making approach.

A merger with a like-minded organisation has allowed Nexus Mutual to greater economies of scale to remain price-competitive, meet future banking and regulatory obligations, and deliver better services and technology to their members.

Even though much has changed since EECU was formed over 50 years ago, the notion of providing shared financial benefits for members is as strong as ever.

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