Australia’s biggest credit union rebrands as bank

Name to change but the organisation will continue to be member-owned and reinvest profit back into customers

Credit Union Australia (CUA) has confirmed it has registered a new trading name of Great Southern Bank which takes it one step closer to becoming Australia’s largest customer-owned banking organisation.

“For 75 years we’ve remained steadfastly focused on helping all Australians own their own home,” said CEO Paul Lewis. “To continue that journey, our research shows we need to change our name from a ‘credit union’ to a ‘bank’.

“This is vital so that more members and younger generations understand we offer the same products, services and security that a bank does – with the benefit of reinvesting 100% of our profit back into our customers.

“Reflecting our strong and proud Australian history we will begin trading as Great Southern Bank later this year.”

Mr Lewis said this move was more than just a name change.

“We will be offering some truly innovative and exciting products and services that will help Australians achieve financial security and their dreams of home ownership,” he said.

“This is a great move for our members – current and future – who will enjoy even more value and we look forward to sharing more details in the coming months.”

Mr Lewis said CUA would remain proudly owned by its customers, and the move reinforces the strength and confidence of CUA as Australia’s largest customer owned banking organisation.

“At a time when high-profile new entrants to the banking sector are struggling, we are celebrating 75 years of customer owned banking.

“We are a longstanding, trustworthy and vibrant alternative to the big banks and this move will put us on the radar of younger generations who just haven’t been sure what ‘credit union’ means,” he said.