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Bankstown City Unity Bank supports #MoreThan4 campaign

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Bankstown City Unity Bank today strongly supports a new campaign by COBA called #MoreThan4 which calls for a proportionate approach to banking regulation. The campaign launched by the Customer Owned Banking Association seeks to move Australia’s banking regulatory regime from a one size fits all approach to a proportionate regulatory regime.

“The high regulatory costs on Customer Owned banking institutions such as ours means our banking market isn’t as competitive as it should be,” Mark Genovese, Chief Executive Officer of Bankstown City Unity Bank said.

“At Bankstown City Unity Bank, we strongly believe a proportionate regulatory regime would allow us to grow and deliver even more for customers in our community.

“Smaller institutions face higher regulatory costs compared to major banks. Keeping regulation proportionate will boost competition in retail banking.

“We support a new approach to regulation that recognises there are #MoreThan4 banking institutions.

“As a Member Owned and focused institution looking after the best interests of Members needs, we pride ourselves in this and our ability to do this will come under threat if we are continually burdened by poorly targeted regulation.” 

Mark Genovese, Chief Executive Officer and Danny Pavisic, Deputy CEO, General Manager Corporate Services attended the Hike the Hill meetings.  

“To show our support for a proportionate regulatory regime, Bankstown CIty Unity Bank met with Andrew Gee in Canberra to discuss how this regime would deliver a more competitive banking market. 

“We encourage our community to support the #MoreThan4 campaign, so we can create a regulatory regime that leads to more competition, choice and better outcomes for consumers.

“Proportionate regulation would be good policy even if we had a healthy banking market, but we do not, so the need for a new approach to regulation is urgent.”

#MoreThan4 to join the conversation on social media.