Australia’s building societies and credit unions continue to provide a valuable source of competition to the majors, a new report has found.
According to KPMG’s Building Societies and Credit Unions 2010 survey released yesterday, mutuals have held their ground over the past financial year with credit union retail growth of 9 per cent against 7.9 per cent growth for the broader market.
Abacus chief executive Mark Degotardi said the report also found that the mutual sector’s place in the Australian financial services sector is well-deserved.
“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,” he said.
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.
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