We are excited to announce that our Board of Directors has begun proceedings towards a merger with Pulse Credit Union Limited in Victoria.
About Pulse Credit Union Limited
Pulse Credit Union Limited has ten (10) employees, approximately 6,000 members and $122M in assets. Originally created to look after the healthcare industry, merging with La Trobe University Credit Union and Melbourne University Credit Union in October 2011 allowed them to offer banking services to the tertiary education sector.
Why the merger?
Teachers Mutual Bank Limited and Pulse Credit Union Limited are both member-owned financial institutions supporting essential service workers. Their members will access products and services through our Health Professionals Bank division or our UniBank division. Both organisations are fully committed to focusing on our members and providing them with the highest level of service.
Joining with Teachers Mutual Bank Limited will provide the opportunity to achieve size and scale that will support outstanding and sustainable service for members of Pulse Credit Union Limited. In turn, this merger also supports our strategic objectives of growing our membership base and expanding our presence in Victoria.
What’s happening next?
In order for any merger to proceed, three things need to happen.
1. Over the coming months Teachers Mutual Bank Limited and Pulse Credit Union Limited will undertake a due diligence process, with a view to merge in the second half of 2021.
2. Subject to the due diligence requirement being successfully completed, their members will vote on the desirability of the proposed merger. A proposed merger can only proceed if at least 75% of Members voting support the proposal.
3. The merger arrangement as approved by the Members will still require the approval of the industry regulators.
As more information on the merger becomes available, further updates will be released on our website.
Should you have any further questions, please contact us or email using our online enquiry form.