Posted on:
Thursday, September 15, 2011
by
sean
18 May 2011
Queensland Teachers’ Credit Union (QTCU) has announced it will be seeking the support of its members to become Australia’s first mutual bank.
QTCU has applied to APRA to change its name to QT Mutual Bank Limited – allowing the organisation to combine the financial strength and security of a conventional bank, while retaining its member ownership and focus.
QTCU CEO Mike Murphy said the opportunity to become a mutual bank has been created by the Australian Government’s ‘fifth pillar’ reforms to develop a more competitive and sustainable banking system for Australia.
“Due to QTCU’s financial strength, we are one of a number of credit unions who meet APRA guidelines to use the term ‘bank’,” Mr Murphy said.
“QTCU has a pioneering track record in the industry. We were the first financial institution in Australia to install a 24-hour operational ATM, and we were also one of the first to establish an electronic banking system.
“With the support of our members, we are seeking to become the first mutual bank in Australia.”
Mr Murphy said since being founded more than 45 years ago, QTCU has been continually evolving. “The opportunity to become a mutual bank is the next logical step to ensure QTCU remains relevant and continues to grow and improve in a continually changing financial landscape,” he said.
“We will maintain our values and principles upon which we were founded, while continuing to reinvest our profits back into our systems and our people to provide our members with better services and banking opportunities.”
QTCU is holding a Special General Meeting in Brisbane on 21 June 2011 to allow members to vote on the proposition of the organisation changing its name to QT Mutual Bank Limited. A 75 per cent majority of members who vote either in person or by proxy needs to be achieved in order for the change in name to be approved.
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