18 February 2020
Nexus Mutual and Beyond Bank Australia to merge
Nexus Mutual members have voted in favour of a merger with Beyond Bank Australia at a Special General Meeting held in Melbourne on Monday 17 February 2020.
93.4% of the credit union’s members have voted overwhelmingly in favour of the merger, which will take place on 1 March, subject to final regulatory approval.
Nexus Mutual Chief Executive Officer, Ashley Hood, said the merger will provide a “bigger engine” to grow the business together with access to enhanced technology and services and more branches to support the members of both organisations.
“As customer-owned organisations, we are both committed to members, staff and the local community, and together, we will have an even greater capacity to deliver value to our members – now and into the future,” Mr Hood said.
In recognition of the enduring connection Nexus Mutual has with the ExxonMobil community, Beyond Bank has committed to retaining the Nexus Mutual brand and branches.
All Nexus Mutual staff have been offered roles in the merged organisation, and local jobs have been retained at the existing branches at Docklands and Sale.
System integration has been planned for early June.