Savings & Loans’ merger with Australian Central has moved into a new phase, with the two credit unions legally joining forces on 1 December.
The new credit union is taking a planned approach to the integration to ensure members receive as may benefits as possible, said Chief Executive Peter Evers.
“We have two large, strong credit unions coming together now, and the integration project will ensure that the best of each separate organisation goes forward with our new credit union,” he said.
“At the moment we’re evaluating the services, products and systems currently offered by Australian Central and Savings & Loans, while we continue to operate under separate brands.
“It will be some time until our members can transact in each other’s branches, as Savings & Loans and Australian Central currently operate under different computer systems.
“While this integration takes place, members can continue to operate their accounts as they currently do.
“We have also started work on a new name and brand for our credit union, which will respect our proud histories while looking toward the future.”
While the merger of Savings & Loans and Australian Central created Australia’s second-largest credit union – with more than 350,000 members and $7 billion in assets under management and advice – the new credit union will continue to support its members and local communities, said Mr Evers.
“Savings & Loans and Australian Central both place a high importance on delivering value and high levels of service to members and, while we may be a bigger organisation now, these principles will remain important to us,” he said.
“We’ve already started to align some of our products, such as the interest rates on our variable rate home loans and an increase in deposit rates for the Retirement & Pension account.
“These are great initiatives for members and show the kind of benefits they can expect as the integration proceeds.”
For more information on Savings & Loans’ merger with Australian Central, visit savingsloans.com.au/merger
