IMB is pleased to advise that the Australian Prudential Regulation Authority (APRA) has consented to IMB Ltd using the restricted term “bank”. As such IMB will begin trading under the business name IMB Bank from 1 August 2015. IMB’s legal name remains IMB Ltd.

As previously advised, converting IMB from a mutual building society to a mutual bank has been under consideration by IMB’s Board and management for some time as outlined in previous Annual Reports and at past Annual General Meetings. After undertaking extensive research into the change, both within our member base and externally, the Board consider that  using the term ‘bank’ will provide opportunities for growth and recognition in a competitive environment.

It is important to note that IMB’s ownership model does not change as a result of becoming a mutual bank.

For IMB’s members, there will be little noticeable change in the way IMB operates other than the use of our new business name and our updated logo. Meeting members’ needs is our priority and our member-focused approach to product and service delivery will remain unchanged.

If members have any questions in relation to this announcement, please call the Mutual Bank Member Inquiry Line on 1300 132 816.