How do mutuals in UK and Australia compare?

13 December 2022

“The chief executive of Britain’s eighth-largest building society says that the purpose-led culture that mutuals are well-known for in Australia is also evident in the UK.

Newcastle Building Society chief executive Andrew Haigh (pictured above left), who recently visited Australia as a guest of the Business Council of Co-operatives and Mutuals and spoke to MPA, said the traditional bank model in the UK had shifted away from local branches, particularly on the high street. But there continued to be customers that valued face-to-face interaction, and the challenge was to continue delivering that service cost-effectively, he said.

The product range across mutuals in Australia was more diversified than in the UK, and merger activity here was much more prevalent, the chief executive said.”

Read the full article, How do mutuals in UK and Australia compare?, in MPA Magazine, 13 December 2022