NATIONAL NOT-FOR-PROFIT CONFERENCE 2018
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  |  Corporate Engagement, Finance, Good Business, Philanthropy

New Bank Announces Community Investment Program


Thursday, 1st September 2011 at 1:23 pm
Staff Reporter
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.

Thursday, 1st September 2011
at 1:23 pm
Staff Reporter


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
New Bank Announces Community Investment Program
Thursday, 1st 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.

Link: http://www.bankmecu.com.au/community-banking.html



FEATURED SUPPLIERS


HLB Mann Judd is a specialist Accounting and Advisory firm t...

HLB Mann Judd

We specialise in data solutions consulting and IT profession...

DQUBE Solutions

NGO Recruitment is Australia’s not-for-profit sector recru...

NGO Recruitment

Yes we’re lawyers, but we do a lot more....

Moores

More Suppliers

Get more stories like this

FREE SOCIAL
SECTOR NEWS

YOU MAY ALSO LIKE

mecu’s Reconciliation Action Plan

Staff Reporter

Thursday, 17th February 2011 at 12:22 pm

Australian Sustainability Awards Announced

Staff Reporter

Thursday, 2nd December 2010 at 11:38 am

The Road To Responsible Banking

Staff Reporter

Monday, 16th August 2010 at 10:08 am

POPULAR

Social Enterprise Announces $500,000 Funding for Social and Affordable Housing

Luke Michael

Monday, 15th January 2018 at 11:26 am

$110M Package Tackles Anxiety and Depression Among Young Australians

Wendy Williams

Tuesday, 9th January 2018 at 8:46 am

Privatisation Poses New Challenges for NFPs Managing Their Workforce

Luke Michael

Tuesday, 9th January 2018 at 4:36 pm

People With Severe Mental Illness Struggling With NDIS Transition

Luke Michael

Wednesday, 17th January 2018 at 5:58 pm

Write a Reply or Comment

Your email address will not be published. Required fields are marked *


NATIONAL NOT-FOR-PROFIT CONFERENCE 2018
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!