New IMB CEO looks to grow member base

"Strategically, I am sitting down at the moment and sorting through it," said new IMB CEO, Robert Ryan.

"What we are going to look at is leveraging off our own infrastructure, on not just the loan side but the deposit side.

"Clearly one of my main points is for us to look at growing the membership, and that's probably been, fair to say, slightly static over the last few years.

"I want to certainly make a focus for us on not just the Illawarra and the south coast area, but the ACT, which is a growing market for us.

"And I think from our point of view with quite a good business banking and commercial arm, to see if we can take some extra steps to expand that across our member base."

To expand the member base, Ryan said IMB will focus on the core retail deposit base of members with new year initiatives.

Asked if IMB would consider changing its structure to help take on an acquisition or merge with someone Ryan replied, "No."

"At the moment we are a mutual.

"We think there are opportunities in the mutual space, and that's something for us to have a look at going forward in terms of seeing if there are any opportunities in talking to like entities."

IMB reported a $20 million profit for financial year 2007, up 13.5 per cent on the corresponding period.