Credit union to become Queensland's newest bank

by Julia Corderoy10 May 2016
Queensland-based credit union, QPCU has announced it will be changing its trading name to QBANK to become Queensland’s newest bank on July 1 2016.

QPCU CEO Grant Devine said the name change was about clarifying its position in the competitive lending landscape. 

“The term ‘credit union’ doesn’t mean as much to people these days, and we believe our new trading name will clearly explain what we do and who we serve,” he said. 

“We’ve been looking after police, fire, health, justice and other government employees for decades, so we believe the name ‘QBANK’ helps us better represent all of the members we serve.”

Over the past 12 months, QPCU reports it has grown its loan book by almost 20% with member growth the strongest it is has been in several years. QPCU marked its entry into the mortgage broker channel in August last year when it partnered with AFG. 

“We want to continue that trend and this change will help to make sure the business is even more sustainable and successful long into the future,” Devine said.

QPCU chairman Jillian Steinkamp said the board unanimously supported the move. 

“Trading as a bank is yet another example of how we continue to adapt to the environment around us, to better support our membership.” 

The trading name change is still subject to final approval from APRA. QPCU’s member-owned structure, eligibility and board will remain unchanged.