Beyond Bank is an Australian customer-owned bank operating in South Australia, Victoria, the Australian Capital Territory, Western Australia and New South Wales. It provides financial services to its members, including savings and business accounts, term deposits, loans, insurance and financial planning, and has total assets under management of more than $5 billion. It is a certified B Corp.[2]
 | |
| Beyond Bank Australia | |
| Company type | Bank |
| Industry | Banking |
| Headquarters | , |
| Products | Retail banking |
| Total assets | $8,290.9 million[1] |
| Members | 280,000[1] |
Number of employees | 650 |
| Website | beyondbank.com.au |
History
edit- In March 2006, Community CPS Australia Ltd was formed in a merger between the Commonwealth Public Servants Credit Unions - CPS Credit Union (SA) Ltd and CPS Credit Union Co-operative (ACT) Ltd.
- In November 2008, Western Australian based United Credit Union Ltd and Westax merged with Community CPS and carried on business under the name United Community.
- In May 2009 the Polish Community Credit Union also merged with Community CPS.
- In January 2010 Hunter Region-based Companion Credit Union merged with Community CPS.
- In June 2011 Wagga Mutual Credit Union, based in the Riverina NSW, merged with Community CPS.
- In 2012 Community CPS was named Money Magazine's[3] Credit Union of the Year 2012 and awarded the 2012 Mozo[4] People's Choice Award for Best Credit Union.
- In August 2013 Community CPS became a mutual bank called Beyond Bank Australia.[5]
- In April 2016 Country First Credit Union, based in Griffth, merged with Beyond Bank.
- In May 2016 Beyond Bank acquired Universal Financial Planning in the Hunter region.
- In June 2016 Beyond Bank became a certified B Corp.
- In February 2018 My Credit Union, based in NSW, merged with Beyond Bank.
- On 1 March 2020, Nexus Mutual (formerly Esso employees credit union), based in Melbourne, merged with Beyond Bank. [6]
- On 1 April 2022, South West Mutual Credit Union, based in Warrnambool, merged with Beyond Bank, bringing their 13,000 customers.[7]
- On 1 February 2024, First Choice Credit Union, based in Orange, New South Wales, merged with Beyond Bank, bringing their 4,000 customers.[8][9]
- On 1 March 2024, AWA Alliance Bank, originally the Point Henry Credit Co-operative for employees of Alcoa in Geelong, merged with Beyond Bank, bringing with them 40,000 customers.[10]
- On 5 June 2024, Beyond Bank signed a Memorandum of understanding to investigate a potential merger with Police & Nurses Limited. This would include P&N Bank (formerly the Western Australian Police Union Cooperative Credit Union Society) in Perth and BCU Bank (formerly Nambucca Banana Growers' Federation Members Credit Union, and later Bananacoast Community Credit Union) in Coffs Harbour. It was described as a 'merger of equals' with the potential to form Australia's largest mutual bank.[11] In September 2024, P&N announced it would not proceed with the merger [12]
See also
edit
References
edit- ^ a b Beyond Bank Australia. "Beyond Bank 2022 Annual Report" (PDF). Retrieved 18 July 2023.
- ^ "Beyond Bank Australia - Certified B Corporation - B Lab Global".
- ^ Money Magazine's Archived 28 October 2013 at the Wayback Machine
- ^ Mozo
- ^ "About Us | Find out more about Beyond Bank Australia| Beyond Bank". www.beyondbank.com.au. Retrieved 6 November 2016.
- ^ "Nexus Mutual, Beyond Bank Australia seek merger approval". S&P Global. Retrieved 1 July 2023.
- ^ "South West Credit And Beyond Bank Australia To Merge". South West Credit. Retrieved 18 May 2022.
- ^ "First Choice Cred Union and Beyond Bank Australia to Merge". First Choice Credit Union. Retrieved 1 January 2024.
- ^ "First Choice Credit Union and Beyond Bank Australia to merge". Beyond Bank Australia. 18 December 2023. Retrieved 1 January 2024.
- ^ "Proposed changes for AWA Mutual Limited (AWA)".
- ^ "P&N Bank and Beyond Bank explore the opportunity to merge". 5 June 2024.
- ^ https://www.pnbank.com.au/news-and-media/news/update-on-proposed-merger-with-beyond-bank/