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 merger
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
- An improved range of products, services and access channels for our combined Members
- An enhanced commitment to our Members, 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.
- 33 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.
Will this lead to the closure of branches in the near future?
In line with the desire to grow the credit union in South East Queensland, the merged organisation has committed to retaining the current Queenslanders Brisbane CBD branch, together with branch representation in Ipswich.
The location and number of branches comprising the combined branch network may be reviewed over time in line with normal strategic and business plans.
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.
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.
Why would Queenslanders Members vote to merge?
- Access to a larger branch network, including 33 branches two agencies and service centres covering an area from Stanthorpe in the south to Weipa in the north
- Extended operating hours through a contact centre open from 8am to 6pm weekdays, and 8.30am to 12.30pm on Saturdays
- A fully functioning banking app, designed specifically to provide an optimal banking experience on mobile devices
- A more user-friendly internet banking experience
- Faster access to new technology advances, such as the upcoming introduction of real-time payments (New Payments Platform)
- Access to a wider range of products and services, including an award winning health fund