Bank Australia has a long history of mergers, joining with 71 other credit unions and co-operatives to become Australia’s first customer-owned bank in 2011.
Today the current market environment is becoming increasingly difficult for smaller credit unions and mutual banks to operate, and regulatory compliance obligations are increasing in complexity.
The combination of these factors led Lithuanian Co-Operative Credit Society ‘Talka’ Limited to undertake a process to identify a merger partner to ensure the best outcome for its members.
Bank Australia was selected as a suitable partner to offer greater security to Talka members through its larger size, expanded product range and financial stability.
From 1 April 2024 Talka customers will join Bank Australia. Currently Talka serves around 2,000 members from the Australian-Lithuanian community with approximately $20 million in assets.
The transfer of business has been approved by the Australian Prudential Regulation Authority (APRA) and does not require a member vote.
Bank Australia Managing Director, Damien Walsh said Bank Australia is delighted to be welcoming Talka customers to join our growing member base of more than 190,000.
‘‘Talka shares our cooperative history and values so we know how important this is to their customers. We look forward to sharing our purpose to inspire and empower our customers to use their money to create a world where people and the planet thrive with even more individuals.’’
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