bankmecu to become Bank Australia 28 July 2015 3:24PM John Kavanagh Mutual bank bankmecu has confirmed that it is changing its name to Bank Australia, which it will adopt on August 17.bankmecu managing director Damien Walsh said in a statement that the new name would help the institution reach more Australians.Walsh said the bank had plans to open a branch in the Sydney CBD, with branches in other capital cities to follow.The bank will remain customer owned.Walsh said: "Bank Australia is a strong and unambiguous name that represents the proud heritage of the 60-plus financial co-operatives that make up the bank, as well as the hundreds and thousands of people who have been customers and owners of the bank since its inception 58 years ago."bankmecu has a strong focus on sustainability. It is the only Australian member of the Global Alliance for Banking on Values, whose principles include serving the communities in which financial institutions operate by financing sustainable businesses, helping safeguard the environment and maintaining a high degree of transparency.