Mecu changes name to bankmecu

One of Australia’s largest credit unions, mecu, will change its trading name to bankmecu, making it the second credit union to take advantage the Government’s policy of allowing mutuals regulated by the Australian Prudential Regulation Authority to use the term “bank” in their names. The group will start operating under the bankmecu name on September 1.

Mecu has 125,000 customers, 28 service centres, 350 staff, A$2.6 billion in assets and $287 million in capital. The group undertook extensive member research and found that most members identified themselves as customers or customer-owners, not members. They saw mecu as “their bank”.

“We will be presenting ourselves as a customer-owned mutual bank and that fits very well with how the community sees us,” said mecu’s chief executive, Phylip Doughty.

Source: Banking Day