APRA has approved the merger of Teachers Mutual Bank and Pulse Credit Union. Pulse has called a special general meeting for September 7 to put the merger proposal to its members.
Pulse and Teachers entered into a memorandum of understanding in January. Under the terms of the MOU Pulse will be integrated into the Health Professionals Bank and UniBank divisions of the Teachers group.
Pulse operated under a membership bond in the past that offered membership to employees in the health service industry.
Following mergers with La Trobe University Credit Union and Melbourne University Credit union in 2011, it moved to an open bond.
Pulse had A$123 million of assets at June 30 last year. Teachers had assets of $9 billion at January 31 this year.
Teachers has merged with a number of other mutuals in recent years, most recently with Firefighters Credit Co-operative Ltd.
It has also developed new brands, launching Health Professionals Bank in 2019 and a digital-only brand, Hiver, this year.