bankmecu Named Socially Responsible Institution of the Year
Australia’s first customer owned bank, bankmecu, has today been announced as the Socially Responsible Institution (Unlisted) of the Year in Money magazine’s Consumer Finance Awards 2012.
bankmecu’s Managing Director, Damien Walsh welcomed this recognition saying it was an acknowledgement of bankmecu’s commitment to creating shared value on behalf of bankmecu’s customers, the community and the environment.
“bankmecu is committed to a responsible approach to banking. We believe in adopting a broader measure of performance than economic growth alone. This approach has resulted in a range of benefits for our customers. For example, despite these challenging economic times we have one of the lowest levels of impaired loans of any bank in the country and this ultimately comes down to our responsible lending practices.
“bankmecu operates in ways that enhance its competitiveness and its shareholders wealth simultaneously whilst advancing the economic, social, environmental and governance conditions in the communities where it operates; not in a way that is marginal to its business but in a way that is central to everything it does as a customer owned responsible bank.
“At bankmecu, we have the ability to offer Australian consumers choice, competitive pricing, a range of everyday banking products and an opportunity to genuinely participate in the way the bank conducts business.
“Of course we also know price is important that’s why bankmecu customers are on average $231 better off banking with us than one of the big four banks. Collectively, last year our customers were over $30 million# in front.
“We are honoured to receive this award and encourage Australian consumers to consider banking with bankmecu so they too can experience the benefits of banking with a customer owned bank,” Mr Walsh said.
# Source: bankmecu’s Cannex Valuation report June 2011. Canstar Cannex provides fact-based data and ratings to Australian consumers and financial institutions.
bankmecu’s Managing Director, Damien Walsh is available for comment.
Media contact: Stephanie De Campo (m) 0432 828 004