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Connexus : Issue 37
Take heart An Abacus media event in May this year caused a stir in Sydney's CBD. The event was one of many organised by mutuals around Australia in support of 'hearts day' -- celebrating banking with a heart at credit unions and building societies. Sydneysiders were invited to take aim at a giant piggybank piñata in a city park that had been filled with heart-shaped chocolates. The lucky winner who smashed the piñata received a $500 cheque. Connexus 6 www.abacus.org.au NEWS Mergers and acquisitions in the mutuals sector are continuing, with three completed so far this year and another four expected by the end of 2011. There were six mergers in 2010. Those completed this year: • ABS Building Society and Greater Building Society • Wagga Mutual Credit Union and Community CPS Credit Union • Maitland Mutual Building Society and Phoenix Credit Union • Industries Mutual Credit Union and Resources Credit Union on 1 July under the new name My Credit Union Mergers slated for later in the year: • Geelong and District Credit Co-operative and AWA Credit Union in August • La Trobe University Credit Union and Melbourne University Credit Union with Pulse Credit Union, by August/September Meanwhile Big Sky and health insurer Australian Unity are considering a merger. The two organisations have signed a heads of agreement to evaluate the idea. Mergers