KALGORRLIE, Australia–A former credit union here that has announced plans for a rather unusual new name has also found itself now the target of a takeover attempt.
The former Goldfields Credit Union, now known as Goldfields Money following conversion to a bank charter, has announced plans to change its name as part of an appeal to younger consumers. The proposed new name: Bare Money. Saying it had low brand awareness and even some negative brand association, in a statement the bank said the Bare Money name is designed to “target the ‘me’ nation of 18-to-35 year olds who expect instant gratification, trust authenticity and don’t want to miss out.”
The new name is to be voted on at the bank’s annual general meeting.
But the proposal around the new name comes at the same time Brisbane-based home lender Firstmac has launched a $27-million takeover for Goldfields Money, pursuing the 85% of the bank it does not already own, according to TheWest.com.au. The offer of $1.12 a share represents a premium of 12¢ to Goldfields’ most recent closing price.
The bank has approximately $162 million in assets.