Members have voted in favour of Queensland Country Credit Union converting to a member-owned bank at a General Meeting held yesterday.
Queensland Country Group Chief Executive Officer Aaron Newman said the change is an exciting step forward which will enable the organisation to offer more competitive banking services while retaining its core values and commitment to Members.
“Since the announcement in December, we’ve had a great response from the community and today our Members have voted strongly in favour of our change to become a Member-owned bank,” says Mr Newman.
“While we’ll change our name to become a bank, our commitment to putting our Members and our communities at the centre of everything we do remains the same.”
Almost 30 other Australian credit unions have made the same transition to become member-owned banks in recent years, with most reporting positive membership growth and an improved understanding of the full range of products and services they provide as a result of the change.
“We are already seeing an increase in enquiries from small to medium businesses and our participation in the First Home Buyer Deposit scheme has also driven strong enquiry levels,” says Mr Newman.
“As more people discover the Queensland Country difference, our organisation will grow stronger and more capable of delivering to our Members, whilst continuing to support the community through sponsorships and grant programs.”
The change coincides with the organisation’s acquisition of the naming rights for Queensland Country Bank Stadium. Mr Newman says the roll out of the new branding for the Bank and Health Fund will begin in February.
“Members will start to notice changes to branches, websites and marketing material in coming weeks, with all branches scheduled to be updated to the new brand by May,” he says.
“It is certainly an exciting time of growth for our organisation, with consumers across Queensland set to benefit as we offer stronger competition to the major banks.”