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Dear Valued Members,
We would like to update you on the proposed merger of Regional Australia Bank and Macquarie Credit Union.
As you may be aware, we have been in discussions with Macquarie Credit Union regarding a transfer of business between our two organisations.
Like Regional Australia Bank, Macquarie Credit Union is a customer owned Authorised Deposit Taking Institution (ADI) that is subject to the same prudential regulatory requirements. Despite being much smaller than Regional Australia Bank, they have served the Dubbo area for over 60 years with the same commitment to mutuality and community-based values.
The unity with Macquaire Credit Union aims to strengthen our platform across the central western region of New South Wales, cementing our commitment to this region, and empowering more regional Australians through our customer owned banking services.
We are pleased to advise that approval from the Australian Prudential Regulatory Authority (APRA) has been obtained and we are now required to obtain approval from Macquarie Credit Union members at a Special General Meeting to be held on 8 March 2024.
In addition to this letter, a Member Information Document containing relevant information pertaining to the potential benefits of the proposed transfer of business for members of both Macquarie Credit Union and Regional Australia Bank is available on our website.
This information has been supplied to APRA as part of our application to obtain their approval to the merger.
The transfer of business has the unanimous support of the Board of Directors of both Regional Australia Bank and Macquarie Credit Union.
We are genuinely excited about the potential value that this merger will bring regional Australians, and continues our work in striving to be the trusted bank for all regional Australians. It will ensure the long-term sustainability of customer-owned banking in our regions.
For more information about the merger, please refer to this document
Should you have any questions please email your query to Andrew Gahan (Regional Australia Bank Company Secretary) at [email protected]