TCU to double branch network
09 July 2010
Australia’s only Aboriginal-owned banking institution, Traditional Credit Union (TCU), plans to double its branch network after the announcement today of a $14 million grant from the Aboriginals Benefit Account.
“On behalf of the mutual banking sector, we welcome the Federal Government’s decision to allocate this funding from the Aboriginals Benefit Account and we congratulate TCU,” said Luke Lawler, acting Head of Public Affairs, Abacus – Australian Mutuals.
“TCU is an Aboriginal enterprise success story that has been in business since December 1994 and provides face-to-face and electronic banking services by Aboriginal people to Aboriginal people across the Top End of the NT,” Lawler said.
“The $14 million grant will enable TCU to open new branches in 11 remote communities. TCU currently has 11 branches.
“We also congratulate NAB for its ongoing support for TCU, including the contribution of $1.25 million to this initiative.
“As an authorised banking institution, TCU is subject to the same strict regulatory framework that applies to banks. This includes intense supervision by APRA and strict prudential standards on capital, liquidity, risk management and governance. Deposits in TCU are covered by the Federal Government’s deposit guarantee,” Lawler said.
“TCU successfully negotiates two very different worlds: complying with the strictest regulatory framework in the highly regulated financial sector; and, meeting the needs of a disadvantaged customer base where English can be the second or even third language.”
For more information, please contact:
Pamela Eldridge
Senior Adviser – Media
(02) 8299 9024; 0423 843 790;
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Luke Lawler
Acting Head of Public Affairs
(02) 6232 6666; 0418 213 025;
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