Australian customer owned banks have had an association with Bridges Financial Services since 1985. The above newly digitised 16mm film of ANSWCU’s (Association of NSW Credit Unions) May 1988 video newsletter discusses ANSWCU’s and the Australian Federation of Credit Unions Ltd’s (AFCUL) acquisition of a 50% share in Bridges.
The film hosted by the legendary Steve Birt (read more here) also discusses the industry’s 1988 Strategic Planning conference held in Leura in the Blue Mountains in NSW, where among other things it was discussed “whether bonds of association still serve their purpose?”. We’ve cut the end of the film that shows the Youth ’88 gathering because that part of the film is a bit wobbly, but the full film can be accessed by researchers who want to learn about this event.
Also appearing in the film are Keith Delaney (SWB Credit Union, General Manager [now Community First Bank] and Dick McAuley (NSW Teachers Credit Union, Director [now Teachers Mutual Bank]. There are also on-screen quotes by Bill Pitstock (Chair, New England Credit Union) and Kaye Wetzler (General Manager, State Health Credit Union).
Colin Scully is introduced by Birt as “one of the principals of Bridges” to discuss the new developments. He appears in an article in Money Management in July 2000 to announce the beginning of the end of the commercial partnership.
The article notes that Scully “made the sell recommendation to the board after a review of the group’s owner Credit Union Services Corporation (Australia) Limited (CUSCAL)”.
“CUSCAL realised that with 200 credit unions under them, they couldn’t provide everything,” says Scully. “They recognised that we need expert help to maintain the standard of financial services we offer and to grow the client base to its full potential.”
