IMB Bank

IMB Bank is an award-winning Australian mutual bank established in 1880. In 2020, IMB Bank was voted by Forbes as one of the World's Best Banks,[2] and, in 2022, was found by financial services research company Canstar to have Australia's Most Satisfied Customers for both the Bank and Mutual Bank categories.[3]

IMB Bank
TypeBank (Mutual)
IndustryBanking and financial services
Founded1880[1]
HeadquartersWollongong, Australia
ProductsPersonal Banking, Business Banking
Websitewww.imb.com.au

IMB Bank has over $7.3b in assets[4] and is regulated by the Australian Prudential Regulation Authority, (APRA). It is a member of the Customer Owned Banking Association (COBA), an independent organisation representing mutual banks, building societies and credit unions.

History

IMB Bank was established in 1880 in the port community of Wollongong (part of Dharawal Country) 85km south of Sydney. It began life as the Illawarra Mutual Building Society, with the express purpose of “enabling people to become their own landlords”.[5]

It grew throughout southern New South Wales over subsequent decades, entering the Sydney market in 1989, Melbourne in 2006 and, after a successful merger with the Hunter United Credit Union, the Newcastle/Hunter Region in 2020.

IMB became a mutual bank in 2015, formally rebranding as IMB Bank.

Products and Services

IMB provides members with a comprehensive range of retail banking (home and personal lending, savings and transaction accounts, term deposits) and business banking products, and access to general insurance and financial planning services.

MB has been recognised[6] as a market leader in digital banking innovation and adoption, providing customers with digital wallets (since 2018), real-time payments (2018), and digital home loan and personal loan applications (2021) which can provide fast conditional approval.

IMB Bank customers have access to internet, phone and app banking, supported by an Australian-based contact centre, located at the company's head office in Wollongong. The bank has an extensive branch network, currently numbering 52 across NSW, the ACT and Melbourne.

Awards

IMB has received many awards for products, services and customer satisfaction. As an institution, it has most recently been awarded:

·       2018 RFi Mutual Bank of the Year

·       2020 Forbes World's Best Banks[6]

·       2021/2023 WGEA Employer of Choice for Gender Equality[7]

·       2022 Canstar Australia's Most Satisfied Customers – Bank[3]

·       2022 Canstar Australia's Most Satisfied Customers – Mutual Bank[3]

Community Support

As a mutual bank, IMB Bank has a long history of community support and engagement. This includes sponsorship of sporting competitions, civic groups and projects, community events and initiatives, local business advocacy and awards, and more.[8]

IMB Bank Community Foundation

Established in 1999, the IMB Bank Community Foundation provides annual grants to community and volunteer groups in the not-for-profit sector, in the areas where the bank operates.

Since inception, the Foundation has donated over $11 million to more than 850 not-for-profit and charity groups.[9] The nature of projects the program funds varies from year-to year and are assessed by a committee-approval process.

Projects supported are diverse, and have addressed cardiovascular health, assisting survivors domestic violence, bushfire and flood recovery, inclusive art, music and sport programs, financial literacy, teen driver safety, and much more. Some recent major projects for funding include the Victor Chang Cardiac Research Institute Heart Health Tour, Security cameras for vulnerable persons with NSW Police, Lifeline, Lids4Kids plastic recycling, Hunter Breast Cancer Foundation, Turbans 4 Australia, Men's Sheds and many more.

Employer of Choice for Gender Equality

In 2021, IMB Bank was one of only 17 companies to join the 119 companies cited as an Employer of Choice for Gender Equality by Australia's Workplace Gender Equality Agency[7]. The bank received the citation again in 2023 for another two-year term.

A voluntary leading-practice recognition program, the Employer of Choice for Gender Equality citation recognises proactive action in key result areas in leadership, learning and development, closing the gender pay gap, flexible working opportunities, initiatives that support family commitments, preventing sex-based harassment and discrimination, and realising targets for improving gender equality outcomes.

IMB Bank's diversity and inclusion program includes paid parental leave for both men and women; flexible work arrangements, gender balanced approaches to hiring and promotion; career opportunities for women and men, and actively working to close the gender pay gap year-on-year.

Official Website

See also

References
  1. N. G. Butlin (1964). Investment in Australian economic development: 1861 - 1900. Cambridge University Press. p. 252.
  2. BISNOFF", "JASON. "World's Best Banks 2022". Forbes. Retrieved 20 March 2023.
  3. "Banking Customer Satisfaction Awards 2022". Canstar. 26 July 2022. Retrieved 20 March 2023.
  4. "Financial & Corporate Reports - IMB Bank". www.imb.com.au. Retrieved 20 March 2023.
  5. "IMB Bank 140 Year Timeline - IMB Bank". www.imb.com.au. Retrieved 20 March 2023.
  6. "Forbes' 2020 World's Best Banks: Heritage Bank tops the Aussies". mozo.com.au. Retrieved 20 March 2023.
  7. "WGEA Employer of Choice for Gender Equality citation holders | WGEA". www.wgea.gov.au. Retrieved 20 March 2023.
  8. Bank, I. M. B. "IMB | Better Value Banking". www.imb.com.au. Retrieved 21 March 2023.
  9. "IMB Bank Community Foundation - IMB Bank". www.imb.com.au. Retrieved 21 March 2023.


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