-First mutual bank launched in Australia.
Global Banking News - 01 September 2011
Regulators have approved Mecu Ltd as the first mutual bank in Australia.
Following the approval, the mutual financial institution has changed its trading name to bankmecu. Its chief financial officer, Damien Walsh, will take over as chief executive, replacing Phylip Doughty who has retired after 27 years with the company.
The firm is Australia's 32nd biggest mutual by annual turnover, and has AUD2.7bn in assets, an AUD287m capital base and a tier one capital ratio of 18 percent.
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