|Predecessor||Super Member Home Loans (SMHL)|
|Garry Weaven (Chairman), Jamie McPhee (CEO)|
Number of employees
|Parent||30 industry super funds|
Members Equity Bank Limited, operating as ME, is a national bank based in Melbourne, Australia. Founded in 1994 as Super Member Home Loans (SMHL) by Australia's Industry Super Funds, SMHL became Members Equity Bank in 1999, and received a banking licence from the Australian Prudential Regulatory Authority (APRA) in July 2001.
Initially founded to offer access home loan products, ME Bank today focuses on providing a range of low cost banking products including home loans, term deposits, and transaction accounts for individuals and businesses.
ME is owned by 30 industry super funds, including AustralianSuper, HESTA, HOSTPLUS and Cbus. Bernie Fraser, former Governor of the Reserve Bank of Australia, was chairman of the bank for 15 years.
History and development
Industry Funds Services (IFS) was founded in 1994, and in turn SMHL is launched by the ACTU with National Mutual (later to become AXA). The primary focus of SMHL was on providing home loans to Australians belonging to industry superannuation funds.
In 1998, SMHL secured $1 billion in funds under management for the first time.
In 1999, IFS, a group of industry super funds enter into an agreement with AXA to establish a 50/50 joint venture company.
In 2000, the group of industry super funds and AXA launch the joint venture entity, Members Equity, to offer other banking products on as well as home loans.
In 2001, Members Equity obtains an Australian Banking Licence in July, and is approved to act as an Authorised Deposit-taking Institution by the APRA.
In 2002, the joint venture industry super funds become 100% owners of Members Equity.
In 2003, Members Equity obtains a Financial Services Licence and begins offering financial services including bank deposit accounts. During the same year the bank also achieves $10 billion in funds under management.
Members Equity re-branded to "ME Bank" in 2009 and later to "ME" in 2015.
Products and services
ME offers customers a range of banking products and services, including transaction and savings accounts, home and personal loans, term deposits, and credit cards.
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