Australia has a new co-operative bank – bankmecu
This follows the challenge from the Federal Government to increase competition against the big four banks. The Federal Government wishes to see the mutual banking sector provider greater levels of competition by creating a 5th pillar in banking.
From 1 September 2011 MECU Limited will adopt the new business name bankmecu. MECU Limited is a large Australian credit union with assets exceeding $2.6 billion and $287 million in capital. It has 125,000 customers and 348 staff.
bankmecu will be a customer owned bank – a bank owned by its customers.