Market Announcements

IMB is pleased to announce that Mr Harry Wendt has joined the Board of IMB and its subsidiaries, following a successful Non-Executive Director recruitment search.

The conditions arising from the COVID-19 pandemic have been challenging for many members, businesses and the wider community, and IMB Bank is endeavouring to support all stakeholders wherever possible.

Fitch Ratings (Fitch) has changed the outlook on IMB Bank to negative from stable. IMB’s current long-term issuer rating of BBB+ and short-term issuer rating of F2 remain unchanged.

IMB Bank is pleased to confirm that APRA has approved the total transfer of business of Hunter United Employees’ Credit Union Limited (Hunter United) to IMB Bank.

Moody’s Investors Service (Moody’s) has changed the outlook on IMB Bank to negative from stable. IMB’s current long-term issuer rating of Baa1 and short-term issuer rating of P-2 remain unchanged.

As members will know, the Australian Prudential Regulatory Authority (APRA), is required to approve the proposed transfer of business from Hunter United Employees’ Credit Union Limited to IMB Bank (which was adopted by Hunter United members and the IMB Bank Board in March 2020).

IMB Bank confirms that on 5 March 2020, the members of Hunter United Employees’ Credit Union Ltd (“Hunter United”) overwhelmingly approved the total transfer of business of Hunter United to IMB Bank, with 95% of eligible votes cast in favour of the resolution.

IMB Bank and Hunter United Employees’ Credit Union Ltd (Hunter United) are pleased to announce that the proposed transfer of business from Hunter United to IMB (the “merger”) has progressed through to the next stage of the regulatory approval process.

IMB Bank today announced a net profit after tax result of $13.2 million for the six months to 31 December 2019.