South West Credit Union says it is in discussions over a merger with Beyond Bank, the Warrnambool Standard reports.

With more  than  13,000 members and assets of $202 million, South West Credit is one of many ADI minnows reflecting on their sustainability and scale.

The board of SWCU is “seeking new initiatives and opportunities to build the business that will enhance our member offering,” Jenny Waterhouse, chair of the board told members in the recent annual report.

At FY2021 Beyond Bank and more than $6 billion in assets, and a net profit of more than $30 million, so the target may lose some of its local feel.

“South West Credits’ size and location has been a great strength during the pandemic,” management wrote in the annual report.  

“Being truly local and operating solely in Warrnambool, meant we were not as severely impacted like many larger banks that faced challenges with overseas call centres closing and loan application assessments blowing out.  

“South West Credit was able to continue its loan approval turnaround in just 48 hours and customers were able to have their calls answered in minutes as they have always done.”