Industry super fund Catholic Super is understood to have hired advisory firm Gresham for a sale of its banking operations.
The bank has deposits worth about $100m and will likely be worth tens of millions of dollars.
Likely acquirers are expected to be small mutual funds and credit unions and such groups are believed to be in search of advisers to assist for their bids in the sales process.
The sale of the banking operations was first flagged by DataRoom in June.
At this time, soft soundings were being made around the market.
Various church groups own banks linked to certain archdiocese that are used for lending deposits on fund ventures such as schools and other projects.
Market analysts believe a logical buyer would be Credit Union Australia.
Based in Brisbane, CUA is the country’s largest credit union, offering financial and insurance products to more than 500,000 customers and is owned by its members.
It has over 50 branches around Australia.
It has $14.3bn worth of assets under management.
Another could be the Bank of Sydney, which is a subsidiary of the Bank of Beirut based in Lebanon.
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