Proposed merger between Nexus Mutual and Beyond Bank
Nexus Mutual and Beyond Bank are undertaking preparations to merge.
Our due diligence has determined that the merger will be favourable for both entities and is in the best interests of our members. We are now seeking regulatory approvals and preparing for a member vote to complete the merger.
Key benefits for members
- Economies of scale to improve efficiency and provide a comprehensive and competitive bank offering
- Improved interest rates, reduced fees and greater banking convenience
- Retention of Nexus Mutual brand, branches and people in Docklands and Sale
- An operating structure that supports continued local decision-making
- Being part of a B-corp certified business that balances profit with the purpose of helping communities achieve social, economic and environmental sustainability
We will post key dates as we have them. Stay tuned.
Member Information Document
We are preparing a Member Information Document that details important information to assist members in considering the proposed merger. This is currently undergoing approval with APRA, our financial regulator, and will be available once it is finalised.
For the merger to proceed, Nexus Mutual’s members must vote in favour of the transfer resolution at a Nexus Mutual Special General Meeting (SGM) to be held in Q1 2020. At least 75% of the votes cast by eligible Nexus Mutual members present at the meeting, either in person or by proxy, must be in favour of the transfer resolution.
We will provide information on how to vote once we have heard back from APRA our financial regulator and can confirm the date of the Special General Meeting.
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.