IMB Bank has received the regulatory approval from the Australian Prudential Regulation Authority (APRA) to merge with New South Wales-based Hunter United Employees’ Credit Union.
Under the terms of the agreement, Hunter United will merge into IMB Bank in the coming months.
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Post-merger, the credit union will operate locally as a division of IMB under its own brand name.
The merger is expected to be completed in the next year.
Until then, there will be no change to IMB Bank and Hunter United’s current banking arrangements to facilitate a smooth transition.
There will also be no job losses as a result of this merger and staff entitlements will be preserved, IMB Bank said.
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By GlobalDataHunter United has nearly 10,000 members, $335m in assets and five local branches in the country.
IMB Bank CEO Robert Ryan said: “The merger will allow Hunter United to better meet the challenges of increased competition in the banking sector and the increasing costs of operating and responding to regulatory change.
“Hunter United members will benefit from an expanded range of products and services while continuing to enjoy their customer-owned banking experience.
“They’ll also appreciate increased benefits including longer contact centre opening hours, access to small business banking services, better rates on a range of loan and deposit products, enhanced digital payment technology, improved mobile and internet banking security, and the removal of a number of account fees.”
Hunter United CEO Tim Blomfield added: “A wider and more competitive range of products, improved technology and services and career opportunities for our team staff are just some of the benefits this merger will provide.”
IMB Bank has more than 198,000 members, $6bn in assets and 48 east coast branches in Australia.
