Customer-owned bank, bankmecu became the first Australian bank to join The Global Alliance for Banking on Values (GABV), today.
bankmecu is the 16th member of the GABV, and joins like-minded banks from Europe, Asia, and North and South America.
bankmecu became Australia’s first customer-owned bank in late 2011, after making the progression from a national Credit Union.
With 128,000 customers, it has continued its growth as a customer-owned bank, backing its values-based agenda with commercial success. In the six months to December 2011, the bank’s interim profit increased by 22.7% on the previous year with reserves growing to $301.7 million.
The results come after the GABV published new research showing how well sustainable banks have performed in comparison to the world’s biggest banks. The report’s authors believe their findings prove the business case for sustainable banking is even stronger than previously thought.
“We are delighted to welcome bankmecu as the latest member of an expanding network of values-based banks,” said Peter Blom, Chair of the GABV and CEO of European sustainable bank, Triodos.
“Together these institutions prove that a different kind of banking – one that puts people and the environment at its heart – is not only possible, it’s increasingly necessary.
Sustainable banks aren’t just financially successful and sustainable, they are financial successful because they are sustainable.”
Managing Director of bankmecu, Mr Damien Walsh welcomed the opportunity to join the GABV and said the organisation was honoured to work alongside the world’s other leading values-based banks.
“As a customer-owned bank we are filling an important niche in Australia. Increasingly, people are learning that they are better off being a customer of a values-based bank. A bank that exists solely to enhance the financial well-being of its customers through shared value and strong environmental, social, governance and economic performance.“ Mr Walsh said.
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