How it started
History
Industry Funds Services (IFS) was founded in 1994 by a group of industry super funds.
Also in 1994, Super Member Home Loans (SMHL) was launched by the ACTU in partnership with National Mutual (later to become Axa). The primary focus of SMHL was on providing home loans to Australian members of industry super funds.
In 1998, SMHL achieved $1 billion in funds under management; and in 1999, IFS entered into an agreement with AXA to establish a 50/50 joint venture company. In 2000, IFS and Axa launched Members Equity Bank Limited, that offered other banking products as well as home loans. Members Equity Bank obtained an Australian banking licence in July 2001, and was approved to act as an authorised deposit-taking institution, authorised to accept deposits from the public.
In 2002, AXA withdrew from the joint venture, and Members Equity Bank became 100% owned by industry super funds.
In 2003, Members Equity Bank obtained a financial services licence and began offering financial services, in addition to bank deposit accounts. Also in 2003, the bank achieved $10 billion in funds under management.
From Wikipedia’s article on mueid, shared under CC BY-SA 4.0.2