IMB applies to become a Mutual Bank

As IMB celebrates 135 years of helping members achieve their financial goals, we are pleased to advise that we have applied to the Australian Prudential Regulation Authority (APRA) to use the restricted term ‘bank’ and become a mutual bank.  Subject to receiving APRA approval, IMB’s intention is to begin trading as IMB Bank on 1 August 2015.

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 will not change as a result of the change to a mutual bank. IMB’s Board is committed to a mutual structure being the best structure to achieve IMB’s goals and there is no current intention to demutualise or list IMB’s shares on the Australian Stock Exchange.  The current off-market share buyback program will also continue.

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