Australian Unity (ASX: AYU) has agreed to transfer its banking business to Bank Australia, with completion expected in late 2025. This transfer will include all banking customers, loans, credit cards, and deposits, totaling 25,000 customers, AU$1.4 billion in loans, and AU$1.6 billion in deposits as of June 2024. The move aligns with both organizations’ values, particularly their focus on customer ownership and positive impact. Bank Australia, a leading customer-owned bank, will provide Australian Unity customers with an enhanced banking experience, including greater digital capabilities and expanded customer service.
Leaders from both institutions expressed confidence in the smooth transition and mutual commitment to customer well-being. The partnership aims to strengthen support for Australian Unity’s banking customers while exploring further collaborations focused on enhancing community impact and financial stability. Regulatory approvals are pending for the transaction’s completion.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
