Heritage is one step closer to becoming Australia’s largest member-owned bank after its members overwhelmingly voted in favour of changing the lender’s name to Heritage Bank.
At the annual general meeting yesterday, 98.6 per cent of members voted in favour of the name change.
The resolution outlined the proposed change of name to Heritage Bank Limited and the associated changes required to the Heritage constitution.
To be approved, it needed to receive a 75 per cent majority of the votes cast by eligible members.
The successful vote leaves only one regulatory milestone to achieve before the name change can take place.
As well as the member vote, Heritage also needs approval from the Australian Prudential Regulation Authority (APRA) to change its name to Heritage Bank.
Heritage is advising APRA of the outcome of the members’ vote and awaits formal approval of its application for the name change.
Provided that approval is obtained, Heritage aims to begin operating as Heritage Bank from December this year.