Horizon Credit Union is becoming a bank from 2 September
Aussie-based, Horizon Credit Union, is changing its name and will start promoting itself as Horizon Bank from 2 September 2019, according to the Illawarra Mercury.
The move in early September is described as an evolution in Horizon’s offering as a banking alternative to people who value personal attention combined with high tech banking facilities and competitive rates.
Horizon chair, Mark Crowther, says the name change decision was not taken lightly and it was due to fact that “regrettably, many people don’t know what a credit union is, who can join and what they do”.
“Changing our trading name to Horizon Bank changes that instantly and opens us up to a new market”.
Horizon Bank will continue to be customer-owned and will run solely to benefit customers.
Horizon will not be changing the legal name of the business and will continue to be Horizon Credit Union Ltd trading as Horizon Bank.
“For that reason, we are not required to get approval from our members. But if at any time we decide to change our legal name to Horizon Bank we would go through that process,” adds CEO, Jon Stanfield.
Stanfield says the Banking Royal Commission and the Australian Prudential Regulation Authority were keen to promote more competition in the banking sector.
Part of that was making it easier for anyone with a banking licence, including building societies and credit unions to be able to operate as a bank if they wish to do so.