In April, RACQ, a BCCM member, and QT Mutual Bank announced plans to establish a banking subsidiary within the RACQ Group. Last week, the merger was made official, following the completion of the final legal step of the transaction.
RACQ Group CEO Ian Gillespie said the merger between a motoring body and a bank was the first of its kind in the world, and would provide Queenslanders with a new member-owned force in banking.
“RACQ is giving Queensland a banking brand they can trust and believe in,” Mr Gillespie said.
“Our State-wide footprint and digital capabilities means RACQ can provide the tools modern banking customers’ demand, while holding true to our values of service and giving back to our members.”
Mr Gillespie said members of QT Mutual Bank had voted overwhelmingly to join forces with RACQ, with more than 90 percent approval from responding members in each of three votes cast.
“RACQ will now take some time, at least into the second half of 2017, to prepare the bank for an influx of new customers through the extensive RACQ membership base and to meet the expectations of RACQ members into the future,” he said.