Mutuals keep up competitive pressure with 'Mutual Banks'

Abacus published a media release on 12th October 201 to welcome our announcement of plans to become a mutual bank.

TCU CEO, Steve James emphasised that “changing our name to Teachers Mutual Bank will more accurately reflect who we are and what we offer, in the public mind. Our status as a mutual is rock-solid. We’ll continue to live the ethos and principles upon which we were founded.”

Abacus CEO, Louise Petschler said that these new developments were another sign of the ambition and strength of Australia’s mutual banking sector and she said that “the rise of ‘mutual banks’ is about promoting diversity in the fifth pillar and encouraging more competition to the big banks – a win for Australian consumers.”

>View the complete press release here