Big Sky Credit Union to join Australian Unity stable
The members of Big Sky Credit Union have approved the transfer of the business to Lifeplan Australia Building Society, effective 1 March 2012.
Lifeplan Australia Building Society is a wholly owned subsidiary of Australian Unity, and is operated by Australian Unity Investments.
It was proposed at the meeting that the new business be named 'Big Sky Building Society Limited'. The new entity will have around $650 million in gross assets and 34,000 members.
Big Sky Credit Union chief executive Tony Ryan will become the chief executive of the Big Sky Building Society.
"We believe that the joining of two like-minded, member and customer-focused organisations will ensure our business is well-positioned to offer an attractive range of consumer financial services and become a strong alternative to the banks," Ryan said.
Australian Unity group managing director Rohan Mead said Australian Unity members would also benefit from a wider range of products and services.
"We will be able to offer our members competitive deposit and loan interest rates, as well as an online mortgage product that we believe will be very appealing," Mead said.
Australian Unity Investments chief executive David Bryant said that due to his company's "already substantial base in investments and finance" it was "better placed than most" to take on the role of consumer finance.
The transfer of the Big Sky Credit Union business is subject to regulatory approval.
Recommended for you
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
