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Savings & Loans is seeking to merge with Austral Credit Union in a move to boost its presence in the Melbourne market.
If approved the merger would give Savings & Loans a further four branches as well as six additional agencies and 14 extra ATMs.
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Tony Innes, Savings & Loans acting chief executive, said yesterday that the merger would provide the credit union with important growth and strength in the Melbourne market.
The announcement follows Moody’s Investors Service forecast today that the credit union sector will see increased M&A activity in a bid to reduce cost pressures and improve profitability.
Published: 30-04-08
