Queensland Country and ECU have merged. We've also announced a proposed merger with Queenslanders Credit Union. Below you'll find some of the frequently asked questions about the merger.
About the mergers
Why have Queensland Country and ECU Australia merged?
The merger is a perfect match for both businesses. Both Queensland Country Credit Union and ECU were established in the early 1970s to support fairer banking for hard working regional Queenslanders.
Both credit unions have a strong reputation in North Queensland for their personal service, community support and fairer approach to banking. We are both committed to offering members values-based, easy, fair, locally owned banking products and services that customers can trust genuinely have their best interest at heart.
A merger between Queensland Country Credit Union and ECU aligns with the strategic aspirations of both businesses. The move supports the long term growth strategy for the credit unions and will help us achieve our near term operational targets. The core values of the two organisations perfectly align and the similar product suites and complementary branch network makes this an opportunity members can be excited about.
About Queenslanders Credit Union
- Queenslanders was formed in 1963 as the Queensland Public Service Employees’ Credit Union.
- Some of the Credit Unions that have merged into Queenslanders over their history include Austax Credit Union, Ipswich Credit Union; Queensland Coal Mining Industry Credit Co-op and Media Credit Union
- They currently have approximately 17,000 customers, employ 52 staff and have total assets of almost $350 Million.
- Queenslanders have a network of five branches: Brisbane (George Street), Townsville (Annandale) and Ipswich (Booval, Brassall and Yamanto).
- Queenslanders support local communities through sponsorships and donations in a similar way to Queensland Country Credit Union. They support such groups as the Ipswich Rugby League Referees Association, the South Brisbane Rugby Union Club, Ipswich Junior Cricket and Ipswich Cycling Club.
What will the merger with Queenslanders Credit Union achieve?
- A stronger, more resilient, Queensland centric, mutually owned organisation.
- Significant operational savings from head and back office synergies, which could be used to fund improved services and functionality.
- The opportunity to grow, without sacrificing the unique relationship we currently hold with our customers.
- An improved range of products, services and access channels for customers.
- An enhanced commitment to our customers, communities, and the customer-owned banking model.
What will this mean for Members?
The alliance will deliver significant benefits for Members. The merger will provide the organisation with the capacity to introduce new products and services to meet the future banking needs of Members.
Why is this a good move for the business and what are the benefits?
A merger builds a stronger more resilient business.
The merger will make the new organisation a strong local alternative in banking and strengthen the future of customer owned banking in Queensland. The merger will result in signficant operational savings, with competitive products and a great service offer. As always, our Members are our focus.
It also means:
- Total assets over $2 Billion.
- The 12th largest customer-owned banking organisation in Australia.
- The second largest credit union in Queensland.
- Approximately 320 staff.
- 38 branches and service centres.
What does it mean for staff and how will it impact on branches?
The merger opens up new opportunities for staff who work with us but there are not expected to be any changes to staffing in the initial phase of the integration. We do not anticipate any branch closures in the medium term. Any decisions to streamline services to drive operational efficiencies in the long term will be balanced by what is in the best interest of Members.
Has the merge with ECU changes how I deal with your business?
The merger will be complete in July 2017. ECU will continue to operate under the ECU brand until July before full integration to Queensland Country products and systems.
Branches will operate as usual and the complementary branch footprint means we do not anticipate any major changes to how business is currently represented in our communities. Banking remains the same as usual, credit cards will still be the same and BSB and account numbers will remain the same until full integration with Queensland Country products and systems.
Will this lead to the closure of branches in the near future?
If successful a merged entity will look to improve member value by seeking operational efficiencies but only where they add value to our customer owners. The merger will give you access to an expanded branch footprint and improved online and digital banking offerings.
Do I need to do anything?
Queensland Country Credit Union Members do not need to do anything. We will keep Queensland Country Members informed on what they need to do if anything.
ECU Members voted on the proposal to merge last year as part of the regulatory approval by APRA.
Queenslands Credit Union Members will be likely to vote on the proposal at their Annual General Meeting in November 2017.
How can I be kept informed throughout the process?
Regular member updates will be available on our website.
- We will be sending out Member communications regularly through this process to keep you up to date with what is happening with your business.
- As usual you are also able to talk with your local team to keep up to date with the process and news.
Who would lead the merged organisation?
- Bruno Cullen, the current Chair of QCCU, would continue to be the Chair following a merger.
- Christine Flynn, the current Chair of Queenslanders, would be the Deputy Chair.
- Aileen Cull, the current CEO of QCCU, would lead the merged organisation.
- John Weier, the current CEO of Queenslanders, is planning to retire sometime after the two organisations are successfully merged into one.