Powered by MOMENTUM MEDIA
subscribe to our newsletter

Non-major lenders announce merger

Two of Australia’s non-major lenders have announced they have entered into an agreement proposing a merger.

According to a joint media announcement by Auswide Bank and Your Credit Union (YCU), both lenders have entered into a merger implementation agreement under which they have agreed to proceed with the merger proposal by way of scheme of arrangement between YCU and its members.

Both companies said they have unanimously endorsed the proposed merger, “as it will bring together two highly compatible financial institutions”.

Should the merger be successful, Auswide and YCU said their members will enjoy higher levels of engagement and service, an extended branch network throughout Queensland, a wider range of financial products and services, an expanded technological and digital capability, and the financial strength and enhanced capability of a larger banking organisation.

Auswide managing director Martin Barrett said the move is not a big bank takeover, but a merger of two similar organisations to create an even more compelling banking proposition for the companies’ collective stakeholders.

Advertisement
Advertisement

PROMOTED CONTENT


“Auswide Bank customers will now have access to a conveniently located branch in the Brisbane CBD which will also assist our growth in South East Queensland,” he said.

“YCU members will have access to Auswide Bank’s broad range of banking capabilities and geographic footprint.”

YCU chairman Gordon Rutherford said the proposed merger is “a tremendous combination of two companies with much in common”.

“Auswide Bank is an outstanding, culturally-compatible merger partner, and the YCU directors are very pleased to recommend the merger proposal to YCU members,” he said.

Non-major lenders announce merger
mortgagebusiness

Latest News

The chairman of the financial services regulator has resigned from his position, effective immediately. ...

Refinancing settlements for the first nine months of the calendar year 2020 are up 27 per cent on last year’s volumes, having peaked in Ju...

The Tasmanian-based lender has seen a 43 per cent rise in settlements in the first quarter of the financial year, driven by strong demand fr...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Victoria’s surprising appetite for new homes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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