mutual bank

After months of negotiation, shareholders finally voted on the mutuals’ merger.

The prudential watchdog has expressed concerns about “excessive tenure” on mutual banks’ boards, with the average director sitting for at least a decade.

The Australian banking landscape has seen multiple mergers over the years that are continuously narrowing the competition. What do these decisions mean for the future of Australian ...

Two customer-owned lenders have announced that they intend to merge, with member votes expected later this year.

A memorandum of understanding has been signed between the two mutual lenders to investigate the potential of a merger.

A $400 million medium-term note transaction has been raised by a mutual lender, the largest deal of its kind by an Australian mutual.

Two customer-owned banks have confirmed that their plans for a merger have been terminated.

Australia’s largest mutual bank has told a Senate inquiry into regional bank closures that some communities could benefit from a joint venture model.

Heritage and People’s Choice have announced the appointment of Penny Iverach to the newly created position of head of technology integration.

The Tasmania-based lender has attributed its growth to the state’s “continuing demand in housing”.

A mutual bank has revealed that it had completed the legal transfer to finalise a merger with a credit union.

A statement from the regulatory authority has questioned the ability of mutuals to manage risk amid an evolving sector.

Customer-owned banks operate around four branches per $1 billion in assets, while the big four collectively run less than one shopfront per $1 billion.

Although higher mortgage rates will bring in more earnings for the banks, S&P has warned the mutual sector will still be slapped down by competition and elevated funding costs.

Two customer-owned banks have confirmed that they will merge next year to create “one of Australia’s largest nationally operating mutual banks”.