RACQ hoping to tackle dominance of big four banks with merger proposal

Monday, 18 Apr 2016 12:01:06 | Andree Withey

The RACQ's Ian Gillespie (left) and QT Mutual's Steve Targett have revealed merger plans. (ABC News: Andree Withey)

The RACQ says it is taking aim at the big four banks with a proposed merger intended to give the insurance and motoring body an entry point into the domestic loans market.

RACQ Group chief executive Ian Gillespie said they want to use their brand and resources to diversify by using the banking expertise and products of QT Mutual Bank, formerly known as the Queensland Teachers Credit Union.

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

"We hope to attract other large mutuals to come together with us to produce something which ultimately can challenge the big four banks in a substantial way.

"Our membership is nearly 1.6 million and if you look at the automobile clubs across Australia, collectively 8 million members, so that's a substantial member base into which we can sell."

QT Mutual Bank has around 200 employees and chief executive Steve Targett said they hope bank members will support the merger proposal.

"By becoming RACQ's banking arm we retain our people, expand our personal banking services significantly and improve our online and digital banking capabilities," Mr Targett said.

The proposal will be put to QT Mutual Bank members by the middle of the year.

It will require at least 25 per cent participation by the bank's members and must gain support from 75 per cent of participating members to be approved.

AustraliaPlus

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RACQ hoping to tackle dominance of big four banks with merger proposal

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