Abacus Unites Industry
11 April 2007
Australia’s customer-owned banking institutions now have one voice after the Brisbane-based National Credit Union Association (NCUA) agreed to join Abacus – Australian Mutuals.
The NCUA’s 23 members join 130 credit unions and 9 mutual building societies as members of Abacus – Australian Mutuals. Credit unions and mutual building societies have total assets of almost $60 billion and more than four million members.
“This brings together all of Australia’s credit unions in one united industry voice,” said the Chair of Abacus – Australian Mutuals, Mr John Brogden, welcoming NCUA’s decision.
“Abacus is a united front representing the mutual sector as a vital and growing part of Australia’s financial services and banking market,” said Mr Brogden.
NCUA Chairman, the Hon Larry Anthony, welcomed the move, which follows extensive consultation to bring together the mutual banking sector’s representative groups.
“The mutual sector is well placed for growth because of our unique member focus and our community focus,” said Mr Anthony.
“One industry voice through Abacus will help us build on these strengths together.”
Abacus was established on 1 July 2006 in a joint venture by the Credit Union Industry Association (a division of Cuscal) and the Australian Association of Permanent Building Societies (AAPBS). Heritage Building Society joined the group in November 2006.
Abacus will now speak for all customer-owned deposit-takers and lenders, with members from all corners of Australia, from Cape York to Hobart, Bondi to Fremantle, and Arnhem Land to Geelong.
“We’re fairer and friendlier and with more than four million Australians banking with us, a force to be reckoned with, ” said Mr Brogden, Abacus Chair.
“We are living proof of community demand for financial institutions that measure their performance not in huge profits but in member satisfaction and excellent service.”
“We provide competition and choice that benefits all Australians by helping to keep competitive pressure on retail banking market rates and fees and charges,” said Mr Anthony, NCUA Chairman.
NCUA members include Bananacoast Credit Union, Qantas Credit Union, Victorian Teachers Credit Union and Queensland Police Credit Union. They join Abacus members such as Credit Union Australia, Australian Central Credit Union, NSW Teachers Credit Union, Newcastle Permanent Building Society, The Greater and IMB.
The Chairs and CEOs of Abacus members will meet in Sydney on 13 April, celebrating the combined strength of the sector and discussing issues affecting competition and mutuals.
For further information or to arrange interviews with Mr Brogden and Mr Anthony, contact:
Louise Petschler, Head of Public Affairs, Abacus – Australian Mutuals
0408 239 226; 02 8299 9046;
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