Credit unions officially join forces
The beginning of April marked a significant date for customer-owned banking in Queensland, with the merger of Queensland Country Credit Union and Queenslanders Credit Union officially taking place. The merger, which was overwhelming approved by 93% of voting members in November last year, promises to provide a genuine alternative to the major banks for all Queenslanders.
“We’re very excited to pass this significant milestone on the road to fully integrating the two organisations,” CEO of the merged entity, Aileen Cull, said.
“While we will continue to operate under our current brands in our respective geographic areas, we are working hard towards our next milestone, which is the integration of our banking systems and products in August,” she added.
The merger forms the second largest Queensland based Credit Union, with assets approaching $2.1 billion and a network of 33 branches and agencies stretching from Stanthorpe in the south to Weipa in the north and west to Mount Isa.
According to Ms Cull, the cost savings achieved as a result of the merger will be reinvested into the business to build a stronger, more resilient organisation that retains the strong commitment to excellent customer service that both credit unions are renowned for.
“The banking industry is constantly changing and evolving, and the economies of scale gained by the merger will help us continue to keep up to date with technological advances such as the recent introduction of real-time payments,” Ms Cull explained.
“And the best part about gaining size through mergers with like-minded organisations such as Queenslanders is that we don’t compromise our commitment to our Members and communities. As customer-owned organisations, we share very similar values and a culture that puts our Members at the heart of everything we do,” she added.