The Board of Directors of Regional Australia Bank has been in discussions with Holiday Coast Credit Union about a transfer of business between the two organisations to create a more competitive financial institution. Like Regional Australia Bank, Holiday Coast Credit Union is a customer owned financial institution and has its registered office located in Wauchope, near Port Macquarie in NSW.
It was determined by both the Regional Australia Bank and Holiday Coast Credit Union Boards that while both organisations are performing well in their respective adjoining markets, a transfer of business would deliver tangible and immediate financial and non-financial benefits to members of both organisations. Additionally, it will also help preserve a strong and sustainable mutual financial institution in regional Australia.
Following is a link to relevant information pertaining to benefits of the proposed transfer of business for members, please read this Member Information Document. This information has been supplied to the Australian Prudential Regulatory Authority (APRA) to ensure it satisfies the legal requirements for a transfer of business to take place. We are pleased to advise that APRA consent has been obtained and we are now required to obtain approval from both the Holiday Coast Credit Union and Regional Australia Bank members at a Special General Meeting to be held by both organisations.
The transfer of business has the unanimous support of the Board of Directors of Regional Australia Bank who recommend that you vote in favour the resolution relating to the transfer.
We invite members to attend a Special General Meeting (SGM) on May 30 2019, where you will hear about the benefits of the transfer of business and be able to vote on the resolutions.
We are excited by the prospect of value that this transfer of business will deliver for our members. Better products and services, fairer fees & charges as well as greater investment in technology and service systems for the long-term will be some of the key benefits.
You will find further details of the SGM in the Helpful Resources section at the bottom of this page. If you cannot attend the SGM, you can vote by completing and returning the proxy form that accompanies the Member Information Document.
Graham OlrichChairman Regional Australia Bank
Kevin DupéCEO Regional Australia Bank