Australian Unity has signed an agreement to transfer its banking business to Bank Australia, one of Australia’s leading customer-owned banks.
Under the agreement, Australian Unity will transition its banking operations to Bank Australia in late 2025. This will include the transfer of all banking customers and their loans, credit cards and deposit accounts.
At June 2024 Australian Unity Bank had 25,000 customers, $1.4 billion in loans and credit and $1.6 billion in deposits.
“Customers will benefit from Bank Australia’s larger customer service footprint, greater digital capability and increased scale to provide long-term sustainability” Australian Unity Bank told its customers yesterday.
Bank Australia will be one of the busiest mutual banks around. It already has Qudos Bank to integrate.
Why Bank Australia? headed AUB’s FAQs
“Like Australian Unity, Bank Australia has a long history of helping Australians to thrive. It traces its beginnings to the CSIRO Co-operative Credit Society in 1957 and has grown to be one of the largest customer-owned banks in Australia.”
Bank Australia has more than 190,000 customers and is looking forward to welcoming Australian Unity banking customers.
“They offer competitive rates and personalised service, with 10 branches across the country – seven in Victoria, and others in Sydney, Canberra and Brisbane.
“The evolving banking market is placing increasing demands on smaller credit unions and mutual banks, like Australian Unity Bank. Banks need to operate and remain competitive, with increased investment required, particularly in the digital space, and we are confident that Bank Australia is well placed to provide customers with a future-ready banking experience.”