Credit Union of Australia, the nation’s largest credit union, has announced plans to rebrand as Great Southern Bank later this year.
The institution currently does business as CUA.
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The rebrand, said Lewis, “is vital so that more members and younger generations understand we offer the same products, services and security that a bank does – with the benefit of reinvesting 100% of our profit back into our customers.”
Some U.S.-based credit unions have dropped the words “credit union” from their branding during the last decade, partly in an attempt to avoid confusion over what a credit union is or to limit concerns regarding membership eligibility.
Despite the name change, CUA does not plan to convert to a for-profit bank, Lewis said, and additional products and services are expected to be rolled out in conjunction with the rebranding, though he did not specify what those might be.
“We are a longstanding, trustworthy and vibrant alternative to the big banks and this move will put us on the radar of younger generations who just haven’t been sure what ‘credit union’ means,” he added.
CUA appointed Lewis CEO in late 2019. Before that he spent 18 months as the credit union's chief sales officer.
