Merger of Unity Bank and G&C Mutual Bank FAQs

G&C and Unity have a long history of working together cooperatively and sharing resources to build a stronger and more sustainable mutual banking alternative. The merger will create one of Australia's largest nationally operating mutual banks with projected assets as at the merger date of around $4 billion, a network of 28 branches and agencies with a full suite of digital services. The increased scale and cost synergies from the merger will allow the merged organisation to fund further innovative products and community support initiatives.

Unity Bank commenced operations in 1970 as the Waterside Workers of Australia Credit Union to serve maritime workers and their families, and over the last 10 years has further evolved merging with 8 other credit unions with a mixture of community and industrial members. It currently has an asset base of $1.7 billion and 21 branches and agencies across Australia.

G&C Mutual Bank was established 64 years ago and has since grown to be one of Australia's strongest member-owned financial institutions with $1.7 billion in assets and 7 branches. From its origins as the Public Works Department Credit Union servicing public sector employees, business has evolved through the course of 18 mergers and several name changes. G&C now provides a comprehensive and award-winning range of financial services throughout metropolitan and regional markets.

The combined deposit, capital base and economies of scale that will result from the merger will allow:

• Development of new products and services.
• Access to additional branches throughout Australia.
• Ability to invest in enhanced technological and digital capability.
• Greater capacity to meet demanding prudential and regulatory requirements.
• Exposure to a larger membership base and partnership opportunities with additional community groups.

The proposed merger is subject to a formal review process and approval from our regulator APRA (Australian Prudential Regulation Authority) and our members. Should approval be granted from APRA, it is anticipated that members will be able to vote for the merger at our respective AGMs in November 2024 with the merger to then take effect shortly after.

Members will be provided the opportunity to vote on the proposed merger at the respective AGMs in November 2024. Further information and details on timing and location will be provided to members closer to the date.

The new merged Board will comprise equal numbers of Directors drawn from the current G&C and Unity Boards.

All staff will be offered roles suited to their skills and experience and there will be no forced redundancies.

All trading names currently used by G&C and Unity will be retained in the period immediately following the merger, with the intention that Unity Bank will become the merged organisation's name.