Damien Walsh Managing Director
On Tuesday the members of Intech Credit Union voted in support of a merger with Bank Australia at their Annual General Meeting. Yesterday Bank Australia’s board passed a resolution to confirm the merger.
Intech Credit Union which has assets of around $330 million, serves some 10,000 customers working in the technology sector and has several branches in Sydney and Melbourne.
The merger will establish Intech Bank as a division of Bank Australia, which will seek to grow customers employed in the technology sector throughout Australia’s eastern states.
By merging, Intech will leverage the greater scale and capabilities of Bank Australia to support the realisation of its ambition to become the preferred banking partner for people employed across Australia’s technology sector.
This merger reflects our ambition to achieve greater scale through ongoing strong organic growth and strategic mergers where they represent value to our customers. Of course our customers come from all walks of life including science; research, engineering and education all of which closely align to the technology sector.
The formal merger of Bank Australia and Intech Credit Union will be effective 1 January 2017 subject to regulatory approval by APRA.