KPMG: Credit unions, building societies show their strength, resilience, competitiveness
16 November 2010
KPMG's Building Societies and Credit Unions 2010 Survey released today highlights the "strength, resilience and competitiveness" of the mutual banking sector.
"The Australian mutual sector is well-capitalised with strong growth performance, as noted by KMPG's report. This is great news for Australians who may be looking for a better value banking," said acting CEO of Abacus - Australian Mutuals, Mark Degotardi.
"KPMG's report noted that the mutual sector's "place in the Australian financial services sector is well-deserved, with another year of strong performance, increasing profitability and balance sheet growth".
KPMG's Martin McGrath said credit unions and building societies, "offer healthy competition against other lenders in the highly competitive home-mortgage and retail deposit markets. They'll go into next year well-positioned for further growth."
"Major bank customers can vote with their feet and move their banking to a credit union or building society. Mutual financial institutions are strong, secure and offer great rates across a range of products," said Abacus acting CEO Mark Degotardi.
"The KPMG report confirms that 112 credit unions and building societies across Australia are giving consumers choice. The best financial decision consumers can make is to find out what is on offer beyond the big four banks.
"Whether you want to switch your home loan, personal loan or credit card, or get a better rate on your deposit, switch today. Switching is easier than most people think and credit unions and building societies can help consumers to make the switch.
"We're seeing a surge in enquiries and applications right across the sector, as more and more consumers turn from the major banks to the better deals that can be found at credit unions and building societies.
"KPMG has confirmed today what we have known for some time. Credit unions and building societies are strong, secure and regulated the same way as banks. And they are ready to put competition back into retail banking and give Australian consumers a better deal," Degotardi said.
For more information, please contact:
Pamela Eldridge
Senior Adviser - Media, Public Affairs
(02) 8299 9024; 0423 843 790
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
