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The customer-owned bank has announced that it is to start trading under a new name and call itself a bank by the end of the year.
Credit Union Australia (CUA) has announced that it will begin trading under a new name, Great Southern Bank, as it moves to cater to a younger audience.
CUA’s CEO, Paul Lewis, said the bank had conducted research which showed that it needed to change its name from a ‘credit union’ to a ‘bank’ due to younger adults not having a strong understanding of what a credit union was or how it operates.
He said: “This is vital so that more members and younger generations understand that we offer the same products, services and security that a bank does – with the benefit of reinvesting 100 per cent of our profit back into our customers.
“Reflecting our strong and proud Australian history, we will begin trading as Great Southern Bank later this year,” he said.