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ISCOVER
Staff Reporter
Heritage Building Society has unveiled its plans to re-brand itself as a bank.
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A press statement from the lender said the Heritage will ask its members to vote on whether or not it should be renamed Heritage Bank Limited.
If approved, it would make Heritage Australia’s largest member-owned bank.
Chairman Brian Carter said the new name would better reflect the role that Heritage plays in the lives of its members and would be more relevant in the modern world.
While the name would change, Mr Carter said Heritage would remain member-owned and member-focussed. Heritage has absolutely no plans to de-mutualise and list shares on the ASX.
“This change is all about ensuring Heritage moves with the times and remains relevant in the modern world,” Mr Carter said.
“We are now able to provide the same range of financial products and services as a bank. Our members think of us as their bank, and that’s how many other people see us as well.
“We’ve outgrown the term building society, so this is a logical step forward in our evolution as a financial institution for today’s world.”
Heritage will put the proposed name change to a vote of members at the annual general meeting in Toowoomba on 19 October 2011. The resolution will need to be passed by at least 75 per cent of the votes cast by members entitled to vote on the resolution. Heritage also needs approval from APRA to use the title “bank”. An application has been submitted.
The aim is to begin operating as Heritage Bank from late 2011.
CEO John Minz said this change would usher in new opportunities for Heritage to compete in a changing financial marketplace.
“Heritage is among the strongest, best managed and most successful financial institutions in the country,” he said.
“While we are extremely proud of our history, the reality is that many people do not understand that a building society is able to provide the same products and services as a bank, and meets strict prudential and regulatory requirements.”
