The credit union and bank have entered into merger discussions, looking to potentially form “one of Australia’s larger customer-owned banking organisations”. The two groups declared the potenti
Cuscal shareholders revolt in pre-IPO stoush
Jul 26, 2021 – 10.55am
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The Elizabeth Proust-chaired payments group Cuscal has found itself at the centre of a stoush with a slice of its mutual lender shareholders as it eyes a float on the ASX amid a shift away from servicing smaller banks and regional lenders.
Elizabeth Proust, former president of the Australian Institute of Company Directors, and current chairman of Cuscal.
James Alcock
Cuscal shareholders are due on Wednesday to vote on a proposed overhaul of the company’s constitution that will see the group – responsible for creating the neobank 86 400 that was recently sold to National Australia Bank – shift further away from its heritage of supplying transactional banking, liquidity and capital management services to smaller lenders.