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South West Credit Union announces plans to merge with Beyond Bank Australia.

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23rd December, 2021

South West Credit Union has entered into merger discussions with Beyond Bank Australia, one of the largest 100% customer-owned banks in Australia who have been putting people before profit for over 60 years.

“South West Credit continues to be in a strong financial position and the Board has sought to identify a mutual partner that shares our values and commitment to members and the community to go forward with our next phase of growth,” South West Credit Union CEO David Brown said.

“Combining forces with Beyond Bank Australia, a leader in the customer owned banking sector with its strong financial position and a regional Australia service footprint will allow us to provide members with a broader array of customer and community focused services,” Mr Brown added.

Beyond Bank’s Chief Executive Officer, Mr. Robert Keogh, said that the Boards of both organisations shared a strong cultural alignment and similar strategic aims that will deliver shared purpose and greater value to members.

“As customer-owned organisations, we are both committed to members, staff and the local community and we feel that together we will have a greater capacity to deliver financial solutions that offer the best value to members,” said Mr. Keogh.

“Beyond Bank has a strong position in the national financial services market. This proposed merger will enable Beyond Bank to partner with a like-minded organisation to build on their commitment to regional Australia and provide a very clear alternative in the market for people in Warrnambool.

“Maintaining a customer-owned approach is central to both organisations, as is our prime purpose of creating and returning value, and through this help change the lives of our members.”

The proposed merger is subject to regulatory and South West Credit Union member approval, with merger finalisation expected in early 2022.