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My Credit Union, Beyond Bank Australia to merge

My Credit Union Ltd. will merge with Beyond Bank Australia, subject to regulatory approval and the approval of My Credit Union's members.

My Credit Union on July 14 inked a memorandum of understanding with Beyond Bank Australia for the merger, which is expected to close in early 2018. The parties said Aug. 1 that due diligence has been largely completed.

The financial details of the deal were not disclosed.

Beyond Bank Australia expects the move to expand its reach to Sydney through My Credit Union.

Beyond Bank Australia is the trading name of Community CPS Australia Ltd.