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G&C Mutual Bank

Website www.gcmutual.bank
Location Australia
Impact story

Mission

To provide highly valued and competitively priced products and services in a manner that earns the loyalty and trust of our members.

History

Since our humble beginnings in 1959 G&C Mutual Bank has become one of Australia’s strongest member-owned financial institutions. Mergers with suitable credit unions, consistent performance and solid growth have underpinned our success.

As a mutual organisation every one of G&C Mutual Bank’s members is an owner with a say in the bank’s future. We make responsible, ethical decisions that benefit our members and the community, and we reinvest our profits into providing better products and services for our members.

G&C Mutual Bank has a proud history of delivering essential financial services to our key target markets of state government employees and regional communities. Our community initiatives include special offers and sponsorships, which are brought to life through our brand proposition – Banking on your community.

Our values of Member Service, Continuous Improvement, Teamwork, Performance and Integrity underpin our culture, and we strive to live these values in all aspects of our work. Building long-term relationships with our members, based on mutual trust and respect, and helping individuals and communities succeed are key elements of our business ethos. And we’re always there for our members, especially when they need us most.

Structure

Wholly owned by its members, G&C Mutual Bank operates for the benefit of its members rather than external shareholders. We are a member of the Customer Owned Banking Association (COBA) and the Business Council of Cooperatives and Mutuals (BCCM), and adhere to the Customer Owned Banking Code of Practice to ensure that member-focused, and competitive retail financial services are delivered. As a mutual, the bank’s profits are reinvested back into the business to provide better interest rates, products and services for its members. G&C Mutual Bank operates via its digital channels, in addition to maintaining a physical presence across seven locations in Australia. The Executive Team and Board of Directors ensure the smooth running of the bank in line with strategic objectives and regulatory responsibilities. 

Board of management

Board of Directors

  • Julian Kennelly, Board Chair & Chair of Governance, Nominations & Remuneration Committees
  • Alexander Hutchison, Board Vice Chair & Chair of Board Audit Committee
  • Karin Hawkins, Chair of Board Risk Committee
  • Dave Taylor, Director
  • Steve Helmich, Director
  • Peter Clarke, Director
  • Gregory Hammond, Director

Executive Team

  • Rosanna Argall, Chief Executive Officer
  • Elsbeth Torelli, Chief Operating Officer
  • Andrew Prichard, Chief Financial Officer
  • Akhilesh Mehta, Chief Risk Officer
  • Leigh Abberton, Executive Manager – Service & Business Improvement
  • Vanessa Tomic, Executive Manager – People, Culture & Sales

Market focus, products and services

G&C Mutual Bank has a proud history of providing financial services to state government employees and and regional communities. Helping its members get into their first homes sooner, through participation in various Government initiatives, is one area of focus. In addition to this, the bank is committed to helping older Australians. In 2004, G&C Mutual Bank became the first mutual bank in Australia to offer reverse mortgage loans to retirees, assisting people who struggled to obtain credit to make much-needed improvements in order to remain living in their properties through their final years. Today, G&C Mutual Bank is one of only five providers offering such loans. Also, at a time when all major Australian banks were closing their remitter businesses, G&C Mutual Bank also took steps to establish a “fair price” remitter product/service.

The bank offers a full suite of retail banking products including home loans, personal loans, car loans, business loans, reverse mortgages, credit cards, transaction accounts, savings accounts and term deposits. Insurance, foreign exchange and financial advice services are also offered through industry partners.

Product development focuses on meeting members’ needs, and G&C Mutual Bank’s products have been consistently recognised by finance industry experts for their outstanding value and flexibility. In addition to benefitting from trusted, personalised service from the G&C Mutual Bank team, members have access to convenient and secure Online Banking, Phone Banking and Mobile App services. A team of Mobile Lenders is also available to visit members at their home or workplace by appointment.

G&C Mutual Bank has sponsored the state of NSW Ambulance employee awards for over ten years, and actively supports the Australian Mutuals Foundation in their mission to assist needy children in Australia and alleviate poverty in some of the poorest communities in Southeast Asia and the Pacific by the creation of sustainable co-operative financial organisations.

Benefits of being part of the GABV

By being part of the GABV, G&C Mutual Bank can:

  • Reinforce its mission to provide its members/communities with highly valued products and services in a manner that is financially sustainable.
  • Join like-minded financial institutions in providing products and services that address market gaps, market unfairness or adverse outcomes for the most vulnerable.
  • Share our member-centric approach to developing products and services by identifying market or product segments that are either not served at all or are unfairly serviced by unethical providers.
  • Learn from other like-minded organisations to see what we can do better.
  • Strengthen, on a global scale, our commitment to supporting disadvantaged communities to improve access to credit and help alleviate poverty.
  • Become recognised as a different type of bank that behaves ethically and fairly while also operating in a manner that will deliver long-term sustainability.
  • Be inspired by like-minded GABV member banks and participate in the GABV’s various networks, providing learning and development opportunities for senior executives, experts, and banking professionals.
  • Become known as a leading Australian values-based bank.

 

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