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Mutuals poised to move in as second tier banks disappear

Staff Reporter 1 minute read

Credit unions and building societies are gearing up to grab market share as second tier banks are swallowed up by the majors.

The mutuals sector, which now numbers 126 credit unions and nine mutual building societies, plans to launch a marketing strategy early next year to communicate the value and strength of their service offering.

Abacus chief executive Louise Petschler told The Australian Financial Review that the sector was “ready for the next plane of competition” as Australians sought alternatives to the big banks.

“Many customers that are going to be rolled into the big banks because of the takeovers and mergers are not going to be happy and will want an alternative,” she said.

Published: 10-11-08

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Mutuals poised to move in as second tier banks disappear
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