Credit Unions and Mutual Building Societies Unite in Brisbane

08 October 2007

More than 800 leaders from credit unions and building societies around Australia are joining together in Brisbane this week in a show of unity and strength.

This year’s "Unity" Convention is the first to gather all 150 Australian credit unions and mutual building societies together. Earlier this year, the members of the previously separate industry bodies united to form Abacus, a new industry voice for the mutual banking sector.

Abacus Chair, John Brogden said this year’s Convention theme reflected the mutual sector’s strength in unity. "The members of Abacus will always be stronger together than on their own," he said. "Together, we are the biggest force in banking after the big banks, with over $60 billion in assets and more than four and half million members."

Mr Brogden said credit unions and mutual building societies are critical to the Australian banking landscape. "We provide competition and choice to the big banks. Because we’re mutuals and owned by our members, our profits are directed to service and a better deal for members rather than external shareholders."

Mr Brogden said the 2007 Convention was a chance to debate the challenges faced by credit unions and mutual building societies.

"We have a great opportunity to renew our promise to members and the communities where we live," Mr Brogden said. "We need to be smarter, more resourceful and resilient, and find more ways to strengthen our place in the banking market."

Mr Brogden named hostile takeover attempts by listed entities, increasing regulatory burdens and ongoing changes in industry strategy and competition for the retail deposit dollar as issues of continuing importance to the mutual banking sector.

"It’s time to work together on a common, unified approach as we face these issues together, to build on the strength of our community in the Australian financial services market. We don’t need the Bank of Queensland to act as the self-proclaimed ‘natural consolidator’ for our sector and save us. We have the capability and the talent to forge our own future, building on our existing strengths."

The 2007 Convention includes keynote presentations from leading credit unions and building societies around Australia. Adrian Coles, Executive Director of the UK Building Society Association will be a keynote presenter, and sessions include ATM strategy, takeovers and demutualisation risks, fighting fraud, risk management and marketing for mutuals.

The Abacus Chair, Chief Executive and some speakers are available for interviews and photographs during the Convention. Please contact Paul Murton to make appropriate arrangements.

For more information:

Paul Murton
Media Relations Manager
0434 185 229; This e-mail address is being protected from spambots. You need JavaScript enabled to view it