Greater Building Society to become Greater Bank in May

The Greater Building Society has confirmed it will change its name to Greater Bank in May after receiving approval from the regulator, APRA, to better explain what it does.

Chairman Wayne Russell said the new name would help The Greater position it for further growth and stressed there is no change to ownership structure.

He said research shows an increasing number of people don’t understand the term ‘building society’ so they don’t know all the financial products and services The Greater offers. 

“Using ‘bank’ takes the work out of explaining what we do as it is well understood and makes sense to customers of all generations,” Russell said. 

The name change was approved at the Greater’s AGM last November. The Greater has changed its name a number of times in its 90-year history.

Unlike the major banks, Greater Bank will still be customer-owned and not by shareholders.

“The name change is part of continuing changes we’re making to our products and services to remain a viable challenger to the big banks for local people,” added CEO Scott Morgan.

“As a customer-owned bank our focus on customers and community will remain the same.” 

“We will still be offering the same great rates, low fees and outstanding service.”  

The Greater currently provides banking services to around a quarter of a million customers in NSW and South East Queensland.