Holiday Coast and Regional Australia Bank merge
Over 90 per cent of members of both Regional Australia Bank and Holiday Coast Credit Union (HCCU) have voted in favour of merging.
The decision came as both entities held separate special general meetings this week and the vote carried a resolution that would see one of the largest mergers in the customer owned banking sector in recent times.
Graham Olrich, chair of Regional Australia Bank, said the merger was necessary to help both companies grow as demand increases from customers turning away from the big four banks.
“While both HCCU and Regional Australia Bank have been performing well in their respective adjoining markets, we see this merger delivering tangible and immediate financial and non-financial benefits to members of both organisations,” he said.
Olrich said it would help preserve a strong and sustainable mutual financial institution in regional Australia.
“We are excited by the prospect of value that this merger will deliver for our members,” Olrich said.
“Competitive products and services, fair fees & charges as well as greater investment in technology and service systems for the long-term will be some of the key benefits.
“This is what the partnership is all about, creating sustainable value for members and offering genuine support to the communities where they live and work.”
AUTHOR
Chris Dastoor
Recommended for you
Momentum Media’s wealth publishing network is pleased to announce the launch of the annual Australian Wealth Management Summit 2025.
Trustee and fund administration platform MSC Group has promoted Shelley Brown as its chief operations officer, having successfully completed the integration of the Certane Corporate Trust business.
Australian Unity’s group managing director and chief executive has announced his plans to retire at the end of the year after two decades leading the company.
TAL has appointed a senior manager for investment strategy and portfolio management who joins from a lead role at AIA.
