Correction: Illawarra merger one of mutuals

A hasty assumption in yesterday's edition means the report on the merger of Community Alliance Credit Union into IMB was wrong.

The merger partners consider their merger one by mutuals and the new entity will also be a mutual, they say.

There is no proposal to demutualise Community Alliance Credit Union and no suggestion this is necessary.

On the other hand IMB does have external shareholders, and the newsletter will follow up on this merger next week.