Two Queensland heavyweights have today announced their plans to join forces in a bid to become a viable alternative to the shareholder-owned, profit-driven banks.
The proposed merger between Queensland’s peak motoring club, RACQ and Queensland’s first customer-owned bank ,Queensland Teachers’ Mutual Bank aims to consolidate a new customer-owned force in banking and leverage the considerable assets and capabilities of Queensland’s largest club.
RACQ Group CEO Ian Gillespie and QT Mutual Bank CEO Steve Targett said the vision was to combine the strong RACQ brand and resources along with the banking expertise and products of QT Mutual Bank to establish a highly scale-able, customer owned platform which could achieve substantial growth and expansion which they hope could one day take on the big four banks.
RACQ Group CEO Ian Gillespie said “We want to be a trusted alternative to the shareholder-owned, profit-driven banks.”
He said the time was right to invest in building a larger scale alterative to the traditional banks using the mutual banking business model with its focus on returning value to members, rather than maximising profits to shareholders.
“The merger will offer greater benefits to members of both organisations, with a highly compatible suite of premium products and services and a common focus on delivering exceptional service and value,” he said.
QT Mutual Bank CEO Steve Targett says the proposed merger would increase the range of products offered to their customers, help expand their personal banking services and improve their online and digital banking capabilities as well.
“This is really a case of one plus one equals three, and a far better option than an in-sector merger with another bank or credit union”, Targett said.
RACQ Group CEO Ian Gillsplie said: “By adding banking to our already strong insurance and assistance offers, our combined membership will benefit from great service, better value and a deeper relationship overall.”
QT Mutual Bank members will vote on the proposal in mid-2016. If successful, the formal merger of the two organisations is expected to be completely by the third quarter of 2016.