MELBOURNE AUSTRALIA, 23 DECEMBER 2020 - Togethr Trustees has entered into an agreement to sell Catholic Super's banking operation, MyLife MyFinance Limited (MLMF), to Challenger Limited.
The decision came after an extensive review of operations and assets, and enables the continued focus on Togethr Trustees' core goal of providing financial freedom in retirement by delivering excellence in super. The move allows Togethr Trustees to focus on their vision to grow the combined funds to $50billion by 2025, a goal which they have made great in-roads in since the joint venture between Equip and Catholic Super in late 2019.
The review found that continued operation of the bank would require additional investment and focus to achieve required scale and growth.
"This move ensures our funds can focus on our core goal of achieving excellence in superannuation, delivered with care," said Togethr Trustees CEO Scott Cameron. "We believe that the transaction with Challenger is an excellent outcome for our members and provides a great home for MyLife MyFinance customers and staff.
"MyLife MyFinance staff have done an incredible job of building a strong banking offering, and we believe this move will enable the next step in the bank's journey."
All services for bank customers will continue uninterrupted.
The sale is expected to be finalised in March 2021 and is subject to approval by both APRA and the Federal Treasurer.
