Over many years, the costs of operating a highly regulated Bank or Credit Union have increased, however the demand for our products and services as an alternative to the listed banks, continues to grow. Therefore, we continue to seek ways to access more capital to serve more members and this is often best achieved through a merger, where duplicate suppliers and processes are removed, with the cost-benefits returned to members through fairer fees, higher standards of service and retaining competitive interest rates.
Put simply, both Boards and management continue to believe this merger will be in the best interest of most members and allow both organisations to grow stronger in meeting the needs of our members in a competitive environment, than they could as stand-alone entities.
Similarly, the merger will create more opportunities for staff in their career aspirations through training in both existing and new roles, increasing their career advancement and development in a larger organisation.
The merger will increase and optimise resources that are dedicated to serving the members who have created these organisations. Whilst the Member Information Statement document includes a section on the advantages and disadvantages of the merger, the Board and management believe the advantages will considerably outweigh the challenge of bringing the two organisations together over time.
Accordingly, we seek the support of our members in the merger process and encourage all members to vote for the proposed merger at the upcoming Special General Meeting.