IMB buys Aust Unity, eyes national market

Illawarra Mutual (IMB), Australia’s third-largest building society, has acquired the Victorian-based Australian Unity Building Society, furthering plans to build a national presence.

Australian Unity will act as an agent of IMB in Victoria, offering selected IMB building society services to its members nationwide.

IMB’s Chief Executive, Wayne Morris said: “Acquisition of the building society operations of Australian Unity increases IMB’s customer base from its present level of 220,000.”

As part of the deal, IMB will partner with Australian Unity Ltd, to offer its members access to Australian Unity’s health and general insurance product range.

Australian Unity Group Managing Director Mark Sibree said the sale was a strategic move designed to focus the Australian Unity Group's operations on non-building society services, such as health cover, home and contents insurance and funds management.

IMB has grown be a major player on the NSW South Coast (Illawarra) with 34 sales centres and loan operations in the Sydney metropolitan area, southern NSW, the ACT and the Gold Coast. It also has an online presence and a national broker network.