Qld mutuals come together to create new force in banking

18 April 2016

RACQ, a BCCM member, and QT Mutual Bank today announced plans to establish a banking subsidiary within the RACQ Group, alongside its assistance, insurance and lifestyle operations which service more than 1.5 million members across Queensland.

RACQ Group CEO Ian Gillespie and QT Mutual Bank CEO Steve Targett said the vision was to use 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 banking platform which could achieve significant growth and expansion.

“We want to be a trusted alternative to the shareholder-owned, profit-driven banks,” Mr Gillespie said.

“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.”

Mr Gillespie said the time was right to invest in building a larger scale alternative to the traditional banks utilising the mutual banking business model with its focus on returning value to members rather than maximising profits for shareholders, and the inherent trust and confidence this brings.

QT Mutual Bank CEO Steve Targett said the proposed merger supported QT Mutual Bank’s long-term growth strategy to bring products and services to a far wider customer base.

“For QT Mutual Bank members, many of whom are also RACQ members, this merger will deliver an enhanced banking experience through an expanded product offering, investment in technology and new digital capabilities, and a wider service network with 24-hour contact centre.”

The formal merger of the two organisations is expected to be completed by the third quarter of 2016.