RELIANCE Credit Union has taken the first steps towards formally becoming known as Reliance Bank.
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More than 90 per cent of respondents to a Reliance survey of clients supported the move to add “bank” to its name.
Reliance will now seek approval for the change from the Australian Prudential Regulation Authority.
CEO Mark Genovese said the proposed name change would be a significant milestone for the business as it positioned itself for the future.
“While changing our trading name to Reliance Bank marks a significant milestone in our credit union’s history, we will continue to exist for the benefit of our members and remain member-owned,” Mr Genovese said.
“We understand and respect the decision of those members that voted against the change, as we all have an emotional attachment to the credit union brand.
“Using the word ‘bank’ in our name will strengthen our ability to engage with younger members who are our future. It will also give us a platform from which to improve and expand our range of products and services for our members.”
Mr Genovese said Reliance would continue to make the most of its well-known brand in the community.
“Adding the word ‘bank’ to our name promotes to existing and future members the fact that we offer a full range of financial products and services that meet the needs of individuals and families,” he said.