On 1 September 2011, bankmecu became Australia’s first customer owned bank.
bankmecu is a new kind of bank in Australia – a customer owned bank. This means we put our customers first because they own the bank. bankmecu will not exist to simply maximise profits for a group of external shareholders. Instead it will take a responsible approach to banking and maximise benefits and value for its customers and their communities. The profits will be owned by you – the customer.
bankmecu’s decision to become Australia’s first ever customer-owned bank is a direct response to the Australian Federal Government’s desire to see higher levels of competition across our country’s banking sector. bankmecu has decided to take up the Government’s challenge by adopting the business name bankmecu and seeking to appeal to people and community sector organisations who would not have otherwise considered banking with a Credit Union. It demonstrates recognition by Australian banking regulators of bankmecu’s work, over more than half a century, to create one of Australia's strongest customer owned financial institutions.
Like the first ‘people’s banks’ created in Europeback in the 19th Century, bankmecu is about to embark on a journey offering Australians a responsible approach to banking where the customers own the bank.
While mecu Limited has adopted a new trading name – bankmecu – our cooperative ownership, our values, our products, our personal customer service and our responsible approach to banking have not changed.
To find out more about customer owned banking, contact your Community Banking Manager or click here.