Industry Banking Website bankaust.com.au Founded 2003 Number of employees 348 | Products Retail banking Headquarters Kew Vic, Australia Motto responsible banking | |
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Type Consumers' co-operative Key people Damien Walsh, Managing Director CEO Damien Walsh (1 Sep 2011–) Profiles | ||
Bank Australia, formerly bankmecu and prior to that, the Members and Education Credit Union (mecu), is an Australian financial co-operative based in Kew, Victoria. In 2012, it reported that it had approximately 125,000 customers across Australia. The organisation employs 348 staff across Australia and holds assets in excess of A$2.8 billion.
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On 1 September 2011, mecu Ltd became Australia's first customer owned bank, and changed its trading name to bankmecu.
On 27 July 2015, the bank announced their subsequent and final change of name, to Bank Australia, from 17 August 2015.
Sustainability
Bank Australia's business practices are based on a values-based system focusing on environmental, social, and economic responsibility. The organisation undertakes a variety of initiatives to build capacity within the community through social programs, such as its Community Investment Program, which establishes how the organisation maximises its positive impacts in the community, prioritising those that are most relevant to the company's core business, products, services, members, and employees.
On 25 March 2004, it became the first credit union in the world to become a signatory to the United Nations Environmental Programme Statement by Financial Institutions on the Environment & Sustainable Development. By becoming a signatory, it committed to promote positive interaction between economic and social development, and environmental protection, through development of a sustainability strategy.
The strategy takes the form of a Sustainability Covenant, in agreement with the Victorian Government, through EPA Victoria in accordance with provisions of the Environment Protection Act 1970. The Covenant focuses on five key areas:
In 2010, the company implemented staff sustainability awards to recognise staff who have made a significant contribution to sustainability in the workplace.
List of credit unions that have joined
Former Australian credit unions that have been absorbed into Bank Australia:
Domain name dispute
Bank Australia launched a domain name dispute on 21st January 2016 for the domain names bankaus.com.au and bankaustralia.com.au. In a single-member judgement on behalf of the WIPO Arbitration and Mediation Center, the claim was denied. As the domain names in question were registered in 2011 and 2008 respectively, there was no evidence that their owner had registered them to 'prevent the owner of a name, trademark or service mark from reflecting the mark in a corresponding domain name' (cybersquatting) or 'primarily for the purpose of disrupting the business or activities of another person'.