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MYCU to Merge with Beyond Bank Australia

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Members of MYCU 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.

 

About My Credit Union: My Credit Union has over 9,500 members and 4 NSW branches including Chatswood and Parramatta (Sydney), Newcastle and Griffith. MYCU was ranked in the 2017 Money Magazine’s Top 10 Credit Union of the Year Awards, and has been awarded numerous industry awards in 2015, 2016 and 2017.

About Beyond Bank Australia: Beyond Bank has over 215,000 customers, $5.4 billion assets under management and 40+ branches in South Australia, Western Australia, NSW Riverina and Hunter Valley regions 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 and was the first bank in Australia to achieve B Corp certification.

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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 4 Dec 2017]

 

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