Friendly merger for Abacus

The Australian Friendly Society Association has folded into Abacus, the industry lobby that represents credit unions and mutual building societies. The merger was effective at the end of July Abacus said in a media release.

There are 31 friendly societies in Australia, with 1.4 million members and funds under management of $7 billion, according to an Abacus fact sheet.

Friendly societies mostly provide savings plans, health insurance and some investment products.