Mutual banks play a vital role in Australia’s financial services sector, offering a customer-owned alternative to shareholder-driven banks.
Unlike traditional banks, mutuals exist solely to benefit our customers and communities, with profits reinvested to improve products, services, and long-term financial wellbeing. This model ensures our focus remains squarely on the needs of our members, creating a virtuous cycle of trust, loyalty, and service excellence.
As one of Australia’s largest customer-owned banks, NGM Group is proud to announce its support of the International Year of the Co-op (IYC25), celebrating the strength of customer-owned businesses and their power to create a fairer, more inclusive economy.
With a joint history spanning 120 years, NGM Group’s retail brands Newcastle Permanent and Greater Bank have championed a banking model that puts people first.
NGM Group is built on the belief that banking should be about more than just transactions – it should create real value for customers and communities.
Without external shareholders, every dollar of profit is reinvested into better products, better service, and stronger community support.
Following the merger of Newcastle Permanent and Greater Bank in 2023, NGM Group has strengthened its ability to support customers and communities, increasing investment in financial education, customer care, and initiatives that promote long-term financial wellbeing.
In FY24 alone, NGM Group contributed over $6 million to community initiatives, reinforcing our commitment to meaningful, long-term impact.
In addition to this, NGM Group announced a $2 million partnership with the Hunter Medical Research Institute (HMRI) to drive medical research and innovation, as well as the expansion of the Greater Finance Academy, which was recently recognised with an excellence award from the University of Newcastle for its role in equipping young people with essential financial skills.
NGM Group works closely with the Customer Owned Banking Association (COBA) to advocate for the customer-owned banking sector and ensure mutual banks have a strong voice within the financial services industry. And with the Business Council of Co-operatives and Mutuals (BCCM) to promote the broader mutual and cooperative sector, reinforcing the strength and impact of the customer-owned model.
NGM Group CEO Bernadette Inglis said IYC25 is a chance to shine a light on businesses that prioritise purpose over profit and deliver meaningful impact every day.
“The mutual model is built on trust, fairness, and reinvestment – everything that makes banking better for customers and communities,” Ms Inglis said.
“The International Year of the Co-op is a celebration of businesses that are driven by purpose, not shareholder returns.
“We’re proud to stand alongside the Business Council of Co-operatives and Mutuals and Customer Owned Banking Association in championing a model that puts people at the heart of every decision.”
By supporting IYC25, NGM Group is reaffirming its commitment to a banking model that puts people before profit, ensuring customer-owned banking continues to grow and thrive for generations to come.