Proposed merger between Nexus Mutual and Beyond Bank
Nexus Mutual and Beyond Bank are undertaking preparations to merge.
On 17 February 2020, an overwhelming 93.4% of votes cast by Nexus Mutual’s members at a Special General Meeting (SGM) were in favour of the transfer resolution.
Subject to final regulatory approval, the legal transfer will take effect on 1 March 2020. System integration has been planned for early June.
About Beyond Bank
Prior to becoming a customer-owned bank in 2013, Beyond Bank was one of Australia’s largest credit unions. Over the years, a number of like-minded organisations have joined Beyond Bank, supporting its core values of mutuality, putting the member first and strengthening local communities.
- As at 30 June 2019, Beyond Bank has:
- Total Capital of $484.1 million
- Total Assets of $6.2 billion
- Total Deposits of $4.6 billion
- More than 40 branches servicing 240,000 customers nationwide
- Over 500 employees
- Beyond Bank maintains a community foundation which provides support, grants, sponsorship and gifting to the communities they serve.
- 2017 and 2018 winner of the Australian Retail Banking Awards for Best Financial Institution in Corporate Social Responsibility.
- Four-time winner of Canstar’s Customer-Owned Institution of the Year for Mobile and Online Banking
- Proven experience in mergers, with 14 successful mergers to date.
Read our previous updates