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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.
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.
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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
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