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MYCU Announces Plans to Merge with BBA

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Members will reap the benefits of a proposed merger between My Credit Union and Beyond Bank Australia.

A Memorandum of Understanding between the two organisations was signed on 14 July 2017 and due diligence has been largely completed. The proposed merger is subject to regulatory and My Credit Union member approval, with merger finalisation expected in early 2018.

Mergers have been an important part of the history, growth and financial strength of My Credit Union and its forerunners since the 1960s.

“Whilst My Credit Union continues to be in a strong financial position, the Board of My Credit Union has sought to identify a mutual partner that shares our values and commitment to members to go forward with in the next phase of its growth,” says Rebecca Richardson, My Credit Union Chairman.

“Combining forces with Beyond Bank Australia, a mutual bank with a solid financial position, will allow us to provide members with the increased value and customer focused services they deserve now and in the future” continues Richardson.

Beyond Bank’s Chairman, Anne O’Donnell agreed, saying the Boards of both organisations also shared a strong cultural alignment and similar strategic aims.

“As customer owned organisations, we are both committed to members, staff and the local community and we feel that together we will have an even greater capacity to develop financial solutions that offer the best value to members,” said O’Donnell.

“This proposed merger will build on our commitment to regional and metropolitan Australia and provide a positive outcome for members of My Credit Union”.

Maintaining a mutual approach is central to both organisations ensuring benefits go to members and their communities.

Beyond Bank Australia is not currently represented in Sydney and is looking to My Credit Union to provide that Sydney footprint. The proposed merger will also strengthen Beyond Bank’s position in other NSW regional markets including the Riverina and the Hunter.

About My Credit Union: My Credit Union has over 9,500 members and 4 NSW branches. MYCU was ranked in the 2017 Money Magazine’s Top 10 Credit Union of the Year Awards, and received Canstar Outstanding Value Home Loan 2015 as well as Canstar 5-star rating for car and personal loans in 2015 and 2016.

About Beyond Bank Australia: Beyond Bank has over 200,000 customers, $5 billion assets under management and 40+ branches covering South Australia, Western Australia, the Riverina region, the Hunter Valley and the ACT.

Beyond Bank has won a host of industry awards including 2017 Best Financial Institution in Corporate Social Responsibility at the Australian Retail Banking Awards.

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Media information: My Credit Union Louise Richmond 0421 991 896, Beyond Bank Australia Georgina McGuinness 0488 247 777.

Full media release can be found here

[Updated 1 Aug 2017]

 

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