Proposed merger to build stronger Credit Union for all Queenslanders
The opportunity to build a genuine, customer-owned alternative to the big banks for all Queenslanders is the driving force behind the proposed merger of Queensland Country Credit Union (QCCU) and Queenslanders Credit Union.
According to QCCU Chair, Bruno Cullen, the merger will build a strong, resilient, Queensland centric, customer-owned organisation.
“Both organisations are committed to offering values-based, easy, fair, locally owned banking products and services. We see the proposed merger as an excellent way to protect and enhance each organisation’s commitment to our customers, our communities and the customer-owned banking model,” Mr Cullen said.
The economies of scale achieved as a result of the merger would be used to fund improved services, functionality and ensure the merged entity remains competitive with the pricing of its products.
“A merger would see the two Credit Unions working together to achieve growth. The greater scale of the merged entity would allow for enhanced promotion of the organisation throughout the state, including the south-east corner where we both currently have a presence,” Queenslanders Chair Christine Flynn explained.
The proposed merger would form the second largest Queensland based Credit Union, with assets approaching $2.1 billion and a network of 38 branches and agencies stretching from Stanthorpe in the south to Weipa in the north and west to Mount Isa. It would see Queenslanders customers enjoy a wider range of banking services and access to QCCU’s award winning Health Fund.
According to Mr Cullen, a larger, stronger organisation would be better equipped to invest in technology advances such as the upcoming introduction of real-time payments. “The economies of scale will help support large scale capital investment in technology and systems and allow us to innovate in ways our customers would expect,” he said.
Members of each organisation will be provided further information regarding the possible merger in coming months, with Queenslanders Members likely to vote on the proposal at their Annual General Meeting in November.
For more information, read the proposed merger FAQs.