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Teachers Mutual Bank Limited

Website www.tmbank.com.au
Location Australia
Impact story

Mission

Teachers Mutual Bank Ltd (TMBL) is the leading Australian bank serving employees and their families in the education sector. TMBL is one the largest mutual banks. Core values are Advocacy, Sustainability, and Passion.

The bank’s mission is to make it easier for members to save money and make money at every stage of their life in order for them to maximise their financial health and wellbeing.

TMBL is focused on protecting and improving their competitive positioning, member equity and value through sustainable business practices.

History

In 1966 in a suburban Sydney tennis shed, a dedicated group of teachers established a credit union for teachers. Since those humble beginnings, TMBL has grown to over 177,000 members and more than $5.5 billion in assets.

In 2012 following a successful member vote, the organisation became Teachers Mutual Bank. Becoming a mutual bank allowed the cooperative to strengthen their competitiveness in the financial services market. This meant they could create better products and services, reduce costs and pass the savings directly on to members.

Teachers Mutual Bank Ltd. has become industry leaders in customer service and ethical banking, and has pioneered the remote service banking model via their mobile offices and home banking.

‘We never forget that it’s our members who benefit from our financial performance. That’s why we have always put them first.’

Structure

As a mutual bank, the cooperative is a member-based institution—owned by, and run for the benefit of members. ‘We pride ourselves on putting our members first and as a result we have one of the highest levels of member satisfaction in Australian banking.’

Board Of Management

Steve James, Chief Executive Officer

John Kouimanos, Chairperson

Market Focus, Products and Services

Teachers Mutual Bank Ltd. focuses on five pillars of sustainable business practices being:

  • Good governance;
  • Operational excellence;
  • Sound financial performance;
  • Excellent member relations;
  • Environmental and community responsibility.

Teachers Mutual Bank Ltd. provides traditional retail products (e.g. transaction accounts, savings accounts, term deposits, home loans, personal loans, personal overdrafts, credit cards). The bank also distributes additional financial services (e.g. insurance, financial advice, wealth management) via alliances with third parties.

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