Merger update
Merger update

28 November 2019

Update on the proposed merger with Beyond Bank

In September, we announced plans to explore the benefits a proposed merger between Nexus Mutual and Beyond Bank could provide to our members. 

What we've been working on

Since the announcement, we have undertaken detailed due diligence and determined that the merger will be in the best interests of our members. We are now seeking regulatory approvals and preparing for a member vote to complete the merger.

We have prepared a Member Information Document that details important information to assist members in considering the proposed merger. This is currently undergoing approval with the Australian Prudential Regulatory Authority (APRA) and other regulators and will be sent to members in the new year. This is the standard process for financial institutions looking to merge. We will keep members informed and, once this process is complete, we will be providing the Member Information Document to members to help them consider whether to approve the proposed merger.

Voting

For the merger to proceed, Nexus Mutual members must vote in favour of the transfer resolution at a Special General Meeting (SGM) to be held in the first quarter of 2020 (date to be confirmed pending regulatory approvals). 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.

Subject to APRA approval, the Notice of SGM, information on how to vote and the Member Information Document will be sent to members in early 2020, in advance of the SGM. 

Next steps

After consultation with APRA is complete, we will be hosting a series of information sessions for members to hear more about the merger and ask any questions. We will be providing members with further details in due course, including how members can RSVP to attend those sessions.

What you need to do

In order to promptly receive important information about the proposed merger over the next few months, it’s important you have checked that your contact details are up to date, particularly your email address.

To verify your contact details, you can:

  • Log into Internet Banking, click on “Settings” in the menu, and check your address and contact details (particularly email address), then update as necessary;
  • Send a secure email in Internet Banking;
  • Call our team on 1300 65 33 28, or
  • Drop into our Melbourne or Sale branches.

Your feedback is important

Please don’t hesitate to contact us at CEO@nexusmutual.com.au if you have any questions or would like to provide any feedback.

To reiterate, we believe that a merger with Beyond Bank is an outstanding opportunity for us to accelerate the growth of Nexus Mutual and enhance the benefits available to our members – now and in the future.

All Nexus Mutual directors fully support this merger and are committed to the ongoing success and growth of our business.

 



Key benefits of the proposed merger for Nexus Mutual 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.

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.

Fast facts 

  • 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