Notice of name change of ADI 2025 – G&C Mutual Bank Limited

Overview

The Notice of Name Change of Authorised Deposit-taking Institution 2025, issued under the Banking Act 1959, addresses the procedural requirement for notifying the Australian Prudential Regulation Authority (APRA) of a name change by a financial institution holding a section 9 authority. Enacted by the Australian government, this notice ensures that G&C Mutual Bank Limited, which holds such an authority, can legally operate under its new name, Unity Bank Limited, following the prescribed formalities. This notification is a formal requirement under paragraph 9B(1)(b) of the Banking Act 1959, aimed at maintaining accurate and up-to-date records of authorised deposit-taking institutions within Australia. The policy objective is to ensure regulatory compliance and clarity for all stakeholders involved in the banking sector.

Scope and Application

The Notice of name change of ADI 2025 – G&C Mutual Bank Limited, published under the authority of the Banking Act 1959, pertains specifically to G&C Mutual Bank Limited, which has transitioned to Unity Bank Limited. This legislative instrument applies to the entity holding a section 9 authority to operate banking services in Australia, with the Australian Prudential Regulation Authority (APRA) overseeing the name change. The change in name, effective from the date of publication in the Gazette, is recognised as if the authority had originally been granted under the new name. The Act extends to Commonwealth jurisdiction, ensuring the name change is formally acknowledged and recorded nationally. Exclusions or exemptions are not specified within the notice, and there are no indications of the Act extending or restricting its application through subordinate instruments in this instance. The geographic reach of the Act is nationwide, ensuring the name change is recognised and valid across all states and territories of Australia.

Key Provisions

The Notice of name change of ADI 2025 – G&C Mutual Bank Limited, issued under the Banking Act 1959 (the Act), signifies that G&C Mutual Bank Limited, previously operating under a section 9 authority to carry on banking business in Australia, has legally changed its name to Unity Bank Limited. This change was acknowledged by Jane Magill, a delegate of APRA, who confirmed the change under the authority of paragraph 9B(1)(b) of the Act. This legislative instrument was published in the Gazette on 12 August 2025 and may also be published in any other manner deemed appropriate by APRA. In terms of the obligations imposed by the Act, G&C Mutual Bank Limited, now operating as Unity Bank Limited, must ensure all legal documentation, licenses, and regulatory filings reflect the new name. This change necessitates an update to any and all contracts, agreements, and public-facing materials to maintain compliance with regulatory requirements. The bank must also inform its clients, stakeholders, and the public of the name change to avoid confusion and maintain trust in its operations. Under the Banking Act 1959, any breach of the requirements to update relevant documentation and inform stakeholders of the name change may lead to regulatory action. Such non-compliance could result in civil penalties, including fines, or criminal charges if the failure to update information is deemed to have caused significant financial harm or misled the public. The Act does not specify maximum penalties for this particular notice but references the broader legal framework under which such penalties may be determined. It is crucial for Unity Bank Limited to adhere strictly to the obligations laid out to avoid any legal repercussions.