NEWCASTLE’S Greater Building Society will change its name to Greater Bank after receiving approval from the banking regulator.
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Chairman Wayne Russell said the name change was in response to research showing “an increasing number of people don’t understand the term ‘building society’.”
However, Mr Russell stressed there would be no change to ownership structure, with Greater Bank to remain customer-owned in contrast with shareholder-owned companies.
“Using ‘bank’ takes the work out of explaining what we do as it is well understood and makes sense to customers of all generations,” he said. “Greater Bank will be Newcastle and the Hunter’s only locally headquartered bank.”
The Greater’s chief executive Scott Morgan said the bank had strived to be “simple and honest”.
“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,” he said.
