Australia’s second largest credit union merges
Australia’s second largest credit union, Savings & Loans, will be monitoring the demand for its in-house financial planning network following its merger with the Austral Credit Union on November 1.
Austral members voted 90 per cent in favour of the merger at a special general meeting yesterday — a decision that will see Savings & Loans grow to more than 190,000 members, with $3.5 billion in assets under management and 39 branches.
The financial institution said it will continue to focus on its financial planning operation, which currently boasts eight planners and two consultants.
“We would like to have as many members as possible have some form of a financial plan with us,” Sarah Cutbush, general manager of marketing and member experience, said.
The merger has been described as a win-win situation for both companies; helping to strengthen Savings & Loans position in Melbourne, which was only established late last year, as well as providing current Austral members with access to a wider range of products and services.
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