New Bank Announces Community Investment Program
1 September 2011 at 1:23 pm
One of Australia’s largest mutual financial institutions has adopted the new trading name, bankmecu, and announced $137,000 of investments from its Community Investment Program.
The name change came after receiving permission from APRA and the RBA to call itself a bank.
Incoming bankmecu CEO Damien Walsh says that by being a bank they can compete with the big banks on their own turf, while retaining our unique customer ownership.
Walsh says that unlike other banks who distribute profits among a small group of shareholders, bankmecu’s profits stay with their customers who are also the owners of the business.
At the launch of the new bank, bankmecu also announced $137,000 of investments from its Community Investment Program, which sees up to 4 per cent of annual profit allocated to projects that create social, environmental and economic benefits.
The four projects receiving investment are:
- The Victorian Women’s Trust – “Be the Hero” Program – bankmecu is making a $30,000 investment to help expand this already successful program, which encourages young men to talk about violence against women and its ramifications.
- Australian Conservation Foundation – New Economics Program – bankmecu is making a $50,000 investment into research and development of economic theory and practice that takes account of environmental and human wellbeing.
- CSIRO – Science by Email Education Program – bankmecu is investing $42,000 in this program that gives more than 40,000 children and teachers interesting and inspiring science news and activities via a weekly email.
- Credit Union Foundation Australia – bankmecu is making an additional investment of $15,000 towards projects that are establishing affordable financial services and micro-financial cooperatives in developing communities in the Asia Pacific region.