Members will enjoy an even greater, sustainable, customer owned banking experience.

Sydney Credit Union in Merger Talks with Endeavour Mutual Bank

The SCU Board of Directors are pleased to announce Endeavour Mutual Bank has agreed to a transfer of business between the two organisations.

Sydney Credit Union’s Chair, Hans Kludass said that, “from our discussions with Endeavour Mutual Bank, it was apparent that we share a similar strategic direction and compatible values to underpin quality member service in financial services. It is noted that commonality of purpose and culture are essential ingredients in any successful transfer of business.”

Due diligence is complete and once support is received from both the Australian Prudential Regulatory Authority (APRA) and the respective members of each entity, a formal transfer of business of the two organisations is anticipated to be completed by 1 October 2019. 

The combined entity will have an asset size of over $1.5bn and over 75,000 members / customers and will be focused on delivering upon transfer of business, immediate tangible benefits to existing members of both entities. 

Once the two organisations have been fully integrated, the merger will release operational cost savings that will be used for greater product diversification, simplified fee structures and competitive pricing. Members will enjoy an even greater, sustainable, customer owned banking experience. 

At the same time, the SCU Board has been assessing its name and brand. As you can appreciate the process has been long and intense with external assistance obtained to independently research options and assess member feedback. Our goal was to select the name and brand that gave us the ability to best meet our core objective of providing greater member value and achieving the strategic goal of growing in a dynamic and competitive banking sector.

When deciding on the merger with Endeavour Mutual Bank, SCU members will also be asked to decide on a company name change from Sydney Credit Union to Australian Mutual Bank. 

SCU members will trade under the business name Sydney Mutual Bank. EMB members will trade under the business name Endeavour Mutual Bank.

It is proposed that the merged organisation will continue to operate both ‘Sydney’ and ‘Endeavour’ brands in their respective locations and that there would be no forced redundancies, indeed the employees of the merged organisation will have greater career opportunities in the larger structure.

Please note a Member Information Document will soon be available to members and will contain complete details of the proposed merger between the two organisations.

Yours sincerely

Hans Kludass
Chair

Ashley Jennings
Chief Executive Officer

17 May 2019