Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

Building society plans to become a bank

Wide Bay Australia will seek shareholder approval to change its name to Auswide Bank at a general meeting on 20 January.

The company will then seek consent from APRA to be recognised as a bank if the name change is approved.

Wide Bay chairman John Humphrey said the building society had already made the market and its shareholders aware of its intentions to convert to a bank.

Advertisement
Advertisement

“With the decision to convert to a bank, now is the right time for a change in name and corporate identity,” he said.

“We are confident that the proposed name will lead to increased recognition and opportunity.”

Managing director Martin Barrett said the new name was selected following an extensive development and consultation process.

“It links back to our existing name which will help ensure the continuity and that the goodwill and recognition associated with Wide Bay name is maintained,” he said.

“The recommended name also aligns with the company’s commitment to and aspirations for achieving growth nationally.”

Mr Barrett said the change of name and status would have little effect on the company’s day-to-day operations.

“We will be the same organisation with the same vision and values, and will maintain our focus on relationships with our customers, staff, business partners and our communities,” he said.

“The board has confirmed that there are no plans to relocate the company’s operations away from Bundaberg [in] Queensland, and we have a strong commitment to supporting a branch network in our core regions in Queensland.”

Wide Bay’s move comes after MyState Financial changed its name to MyState Bank in October.

Building society plans to become a bank
mortgagebusiness

Latest News

A major insurance provider has announced that it would restrict its offering of lender’s mortgage insurance in light of emerging risks ass...

Lenders will be allowed to extend their pre-approval period for borrowers using the First Home Loan Deposit Scheme given the coronavirus pan...

The federal government has announced several changes to the Takeovers Panel, which include the reappointment of an ANZ executive and the ap...

FROM THE WEB
podcast

LATEST PODCAST: Further relief for SMEs and borrowers

Do you expect COVID-19 to reduce or increase your business flows?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.