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Defence Bank launched today

01/02/2012

Defence Force Credit Union announced yesterday that it had Australian Prudential Regulation Authority approval to change its name to Defence Bank.

Defcredit's move follows similar moves by bankmecu, QT Mutual Bank and Heritage Bank. Teachers Credit Union is going through the APRA approval process and expects to become Teachers Mutual Bank in April.

Defence Bank chief executive Jon Linehan said the credit union had not been required to make any changes to its financial structure to gain APRA approval.

Linehan said he expected industry consolidation would result in the formation of 10 to 12 large mutual banks. These would form the banking industry’s “fifth pillar”.

Source: Banking Day



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