Industry to welcome new bank next month

An Australian lender has confirmed it will change its name in May after receiving banking status approval from APRA.

The Greater Building Society will be renamed Greater Bank, and the group’s chairman Wayne Russell says the new name will better explain what the company does and position it for further growth to benefit all customers.

Mr Russell said there is no change to ownership structure and Greater Bank will still be customer-owned. It will remain focused on supporting customers and local communities.

Mr Russell said research shows an increasing number of people do not understand the term ‘building society’ and as a consequence, are unaware of all the financial products and services The Greater Building Society offers and how safe and strong it is.

“Using ‘bank’ takes the work out of explaining what we do as it is well understood and makes sense to customers of all generations,” he said.

The group’s CEO Scott Morgan said Greater Bank will be a different bank, offering in person and online banking in a simple and honest way.

“The name change is part of continuing changes we’re making to our products and services to remain a viable challenger to the big banks for local people,” Mr Morgan said.

“As a customer-owned bank, our focus on customers and community will remain the same.”

“We will still be offering the same great rates, low fees and outstanding service.”

The name change was approved at the group’s AGM last November. The Greater Building Society has changed its name several times in its 90-year history.

More than a dozen credit unions and building societies have made similar name changes.

The Greater Building Society provides banking services to around a quarter of a million customers in NSW and South East Queensland.

[Related: Credit unions recognised for best home loans]

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