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Greater Building Society to change name in May

Australia's Greater Building Society Ltd. will change its name toGreater Bank in May after receiving approval from the Australian PrudentialRegulation Authority.

The company said April 19 that its structure will remain thesame and it will continue to be customer-owned, not shareholder-owned.

The move aims to better communicate what the company does asa financial institution given that an increasing number of people do notunderstand the term "building society."