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Few would have imagined that the credit union they had in mind would be operating more strongly than ever 50 years later.
After a comprehensive strategic review of Unicredit operations in 2014 and careful consideration of the various alternatives, the Unicredit Board concluded that joining forces with another strong and equally dedicated party was the best path forward to securing a successful and sustainable future.
After being presented with comprehensive information about the merger and the benefits for members, at a Special General Meeting held in July 2015 Unicredit members voted overwhelmingly in favour of the merger with Teachers Mutual Bank Limited.
As a result, from 1 August 2015 Unicredit has become UniBank and will operate as a division of Teachers Mutual Bank Limited, while retaining a separate and unique identity.
While our name and look is new, we will continue to operate as we have done for over 50 years providing outstanding personal service and a competitive range of financial options to staff, students and graduates of Australian universities and their families.
Becoming a division of a larger mutual bank will allow us to strengthen our competitiveness in the financial services market. This means we can provide better products and services, reduce our costs and pass the savings directly on to you. Our name may have changed, but our philosophy hasn’t. We’re committed to helping you save money, build wealth and enjoy financial wellbeing throughout your lifetime. We never forget that it’s our members who benefit from our financial performance. That’s why we have always put you first.
We focus on five pillars of sustainable business practices being:
We’re advocates for you. We’re here to give staff, students and graduates of Australian universities and their families better options and ultimately, a better way of life. So while some things have changed, one thing will always stay the same. And that’s our unwavering commitment to our members.
When a group of colleagues including inaugural Chairman Mr James (‘Jim’) Vallve JP from the Chemistry Department at the University of Western Australia came together in 1963 to discuss setting up a small credit society for university staff, few would have imagined that the credit union they had in mind would be operating more strongly than ever 50 years later.
Originally called The University Staff Credit Society Limited, the company’s focus was to provide financial products and services to members of the university community.
The University Staff Credit Society Limited changed its name to The University Credit Society Limited in October 1985.
Not long after the company was established, the members quickly adopted the name Unicredit as a memorable identifier for the company. The name Unicredit was registered in November 1985.
The first customer service branch was established on the campus of The University of Western Australia (UWA), and was later merged with the Nedlands branch in December 2014. There are now branches at Curtin University and Murdoch University, and in West Perth following the relocation of the Nedlands/UWA branch in March 2018.
Teachers Mutual Bank is one of Australia’s largest mutual banks, with 160,000 members across the country and more than $4.5 billion in assets. It has a well established national identity and, like Unicredit, has been in operation for close to 50 years. Importantly, Teachers Mutual Bank has a significant presence in and a strong commitment to Western Australia and to the WA education sector in particular, having been operating successfully in this State for several years.
Learn more about the history of Teachers Mutual Bank and how they operate today