Launch of Australia's first mutual bank, bankmecu

September 1 saw the launch of Australia's first mutual bank, bankmecu.

Victorian-based mecu Limited is now trading as bankmecu after applying for permission from APRA and the RBA.

bankmecu will now start to "take competition up to the major banks, and get more Australians to know the value of being part of customer-owned banking institutions".^* 

Australian mutuals industry body Abacus has published a news item on their website introducing bankmecu.

bankmecu also issued a press release today about their debut as 'Australia's first customer-owned bank'.<sup>*


*</sup>Sources: Abacus - September 1, 2011; bankmecu - September 1, 2011