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Credit union rebrands as bank

by Staff Reporter7 minute read
The Adviser

Staff Reporter

One of Australia’s biggest credit unions will officially rebrand itself as a bank, effective from next month.

On 3 December 2012, NSW Police Credit Union (PCU) will officially become Police Bank.

NSW police minister Michael Gallacher and police commissioner Andrew Scipione will join with the credit union’s chairman, Ken Moroney, at PCU’s head office to unveil the organisation’s new logo, representing the start of its trading as a bank.

PCU commenced operations in 1964 and has grown to be one of Australia’s major credit unions, with over $1.4 billion in assets.

The change continues a trend of the past 12 months in the mutual financial sector, where large credit unions and building societies are changing to banks.

The move to rebrand has been largely driven by recent federal government banking reforms to improve competition within the banking sector.

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