As members will know, the Australian Prudential Regulatory Authority (APRA), is required to approve the proposed transfer of business from Hunter United Employees’ Credit Union Limited to IMB Bank (which was adopted by Hunter United members and the IMB Bank Board in March 2020).

All parties were targeting a 1 April 2020 completion date for the merger, however the application is still being processed. Understandably, the entire financial services industry is working through many issues during these difficult times.

Only a short delay is anticipated, and members will be advised of the revised merger completion date as soon as final regulatory approval is obtained.

Date: 26 March 2020