Further Expansion For Victoria's Largest Credit Union

Further Expansion for Victoria's Largest Mutual

22 July 2009

Victoria's largest credit union mecu Limited announced today that its merger with Melbourne based Maroondah Credit Union will proceed following a strong endorsement by Maroondah's members at a Special General Meeting held last night.

mecu CEO Phylip Doughty, has advised credit union members and staff that the merger will further the Victorian credit union's expansion plans. With assets exceeding $2.3billion, $240million in capital, 35 Service Centres located throughout the country, some 140,000 members and around 330 staff, mecu is positioning itself as a significant credit union presence in Australia.

Mr Doughty confirmed the merger will see the credit union invest in a range of new products and services targeting both existing and new members.

"mecu has a developed a national as well as international reputation for it's socially responsible approach to banking and strong commitment to sustainable development. Business growth is coming from both socially progressive consumers and a host of community sector organisations in search of a more values based approach to banking" stated Doughty.

The Maroondah Credit Union membership's strong endorsement of the merger confirms the significant benefit of the merger to all members, staff and the communities served by each credit union including:

* A broader range of competitive products and services.

* Enhanced career opportunities for staff.

* Greater resources to pursue opportunities for further growth.

* Greater scale and expertise to match a sophisticated and competitive financial services market.

Doughty states "this outcome offers an exceptional opportunity to invest in the development of a strong credit union presence across Victoria, offering all Victorian's a greater choice in banking and increased competition".

For mecu comment contact: mecu CEO Phylip Doughty on 03 9854 4646, mobile 0412 515 208 or mecu General Manager Development Rowan Dowland on 9854 4644, mobile 0418508718

SOURCE: mecu