It’s hard to believe that another year is coming to a close. As it does so, it becomes a time to reflect on what has been in equal parts positive and challenging for our customers.
The new normal
Together we entered 2022 with a great sense of optimism as the impacts of the global pandemic were subsiding and with that a return of some normality in all our lives - businesses reopened, students went back to the classroom and employees returned to the workplace.
While for many of our customers, this year has provided us with a welcomed sense of positivity, the reality for others was very different, in particular those impacted by natural disasters.
Facing challenges together
It was heart wrenching to watch the devastation of the flooding across the NSW Northern Rivers communities of Lismore, Casino and Ballina, and the again more recently in the state’s Central West. So many people, including customers and employees, had their life turned upside as homes and properties were damaged and lost.
Those of us watching from afar can never fully comprehend the extent of what was endured, however, we were able to take some level of comfort in the fact that our people and their families remained safe throughout.
While the flooding in the Central West is yet to fully subside and the rebuilding of the Northern Rivers communities continues, the welfare and wellbeing of our people across these regions remains our priority, and we will continue to work with customers to provide what support we can.
Continuing to serve our customers
After losing our Lismore branch in March due to the floods, we have continued to provide our customers in the region with over-the-counter banking services via the community banking hub that was established on the grounds of Southern Cross University.
With the hub soon closing, we will be reopening a temporary Lismore branch in Conway Plaza before moving to a new site in Lismore Central Shopping Centre in the new year. It is a demonstration of our commitment to supporting banking services for our regional customers.
The feeling is mutual
November was an historic month for Greater Bank when our proposed merger with Newcastle Permanent was approved at our respective Special General Meetings.
Members of Greater Bank and Newcastle Permanent voted overwhelmingly in favour of our organisations coming together to create one of Australia's largest customer-owned banks.
The merged organisation will have more than $20 billion in total assets and over 500,000 customers, and benefit from almost 200 years of combined operating history.
It provides us with the size and scale to deliver real benefits for the customer-owned sector and ensure we are a true competitor in the financial services market.
It’s important to note that in coming together we are wholeheartedly committed to remain 100% customer owned. Both organisations were founded on the principles of mutuality, which we remain staunchly committed to upholding.
While we will come together as one organisation in the first half of 2023, Greater Bank as you know it will continue to operate, and with the benefit of greater resources, is set to be more innovative and competitive.
There will be no changes to your banking details on merging, and you will continue to enjoy the same banking experience you have come to expect from us, be that via our digital channels or over the counter at a branch. Once the merger is completed though, you will be able to use your Greater Bank card to access Newcastle Permanent’s ATM network for free, and vice versa.
The merger will ensure that exciting times are ahead for our customers and our people, and we look forward to sharing developments and innovations with you into the new year and beyond.
Scott Morgan, Greater Bank CEO
Balancing the needs of our customers
More broadly this year, the national economy has boomed as it moved out of a global pandemic at great speed. As a result, the Reserve Bank of Australia has tempered this inflationary pressure with a number of changes to the official cash rate.
The resulting interest rate changes over the second half of 2022 has challenged us as an organisation. You can be assured though that any decision to move on rates is not taken lightly, and that the interests of all customers – depositing and borrowing - are considered prior to making any changes.
Despite the recent rate increases, our customers are generally well positioned to meet any changes to financial obligations, however, if you are struggling in any way, I encourage you to reach out to us so we can work through any issues with you. Like we have always done, we will stand with you during times of need.
As we close out the year, I want to thank our customers – more than 270,000 of you – for trusting us and maintaining your confidence in Greater Bank to serve you, your families, businesses and your community.
We have again endured challenges together, but it will be together that we forge towards what I hope will be a more prosperous year in 2023.
From my family to yours, and from everyone at Greater Bank, have a safe and happy Christmas…and again, THANK YOU.
Scott Morgan Image credit - Thierry Boudan
