Auswide Bank remains on the prowl for takeover opportunities, ones that might catapult the A$5 billion bank to more material scale. The bank plans to “actively pursue inorganic growth to improve our ability to scale or step change our capacity” the chair, Sandra Birkensleigh, told shareholders in the 2023 annual report. Martin Barrett, the CEO, added in his report that the bank would be “reviewing acquisition opportunities that can add diversification, capability and profitable growth to our business”. The bank clarified to Banking Day that the targets would be in a range with a lower end of A$500 million to $1 billion, and up to $4 billion at the upper end. Auswide has its origins in the amalgamation of half a dozen Queensland-based building societies. Its first listed on the ASX in 1994 as Wide Bay Capricorn Building Society. It adopted its present name in 2015. In 2008, Auswide merged with Mackay Permanent Building Society and in 2016 undertook its most recent takeover, acquiring Queensland Professional Credit Union. Credit unions and mutual banks have been a particular focus for Auswide ever since then, but there are few real prospects given the difficulties in convincing the boards of mutual ADIs to propose a demutualisation to their members and the competing strategic interests of the larger mutual ADIs eager to absorb their struggling, smaller brethren. Still, money talks (even if it is in the form of Auswide shares) and based on the annual reports of mutual ADIs Banking Day has reviewed so far this profit season, there are a handful of plausible candidates in the mutual sector – especially those with deposit books in decline and runaway costs. For now, organic growth strategies are working fine for Auswide Bank. The bank’s home loan portfolio grew 14 per cent, or more than three times at system, to $4.4 billion over the year to June 2023.  Customer deposits grew by 11.6 per cent to $3.4 billion. The Auswide Private Bank offering and alliances with broker channels is driving much of this growth.