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Court approves bank merger

Court approves bank merger

The Supreme Court of Queensland has approved the first merger between an ASX-listed bank and a mutual ADI in more than 10 years.

In a trading update last week, Auswide Bank announced that the court had made orders approving the scheme of arrangement under which Auswide will acquire all of the shares in Queensland Professional Credit Union Ltd. (trading as YCU – Your Credit Union).

The court approval follows the overwhelming support for the merger by YCU members at the scheme meeting held on 18 April 2016.

A copy of the court orders and a copy of the approved scheme were lodged with ASIC on 4 May.

Auswide Bank managing director Martin Barrett said he is pleased another important milestone of the merger has been achieved.

“As the first merger between a listed bank and mutual ADI in over 10 years, we are delighted with the overwhelming support by members and the spirit of collaboration between YCU and Auswide Bank in bringing this important transaction together,” Mr Barrett said.

“We look forward to supporting YCU members with a broader range of products and services, and providing branch-based services to our many customers in the Brisbane catchment area.”

Last month, Auswide celebrated 50 years in banking. It has been 12 months since the lender rebranded from Wide Bay Australia to Auswide Bank.

The company has its roots in the Burnett Permanent Building Society which was registered in April 1966 and became operational in Bundaberg in August the same year.

Today, Auswide has total assets of nearly $3 billion.

[Related: Auswide celebrates significant milestone]

Court approves bank merger
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