A PYMNTS Company

Australia: RACQ proposes merger with QT Mutual Bank

By  |  April 18, 2016

The RACQ is set to become a new player in banking, with a proposed merger with QT Mutual Bank expected to be completed by the third quarter of 2016. The proposed merger would create a banking subsidiary within the RACQ Group, which along with the automobile club also included services, such as insurance.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The combined assets of the merged entity would be $3.9 billion and it would have about 1.6 million members.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    QT Mutual chief executive Steve Targett said the merger would require a vote of at least 25 per cent of its members, of which 75 per cent would have to vote in the affirmative. There would be no requirement for a vote of RACQ members.

    Mr Targett said he was confident it would pass and saw the merger as an opportunity for otherwise unlikely growth.

    “The beauty for us is we’ve got 10 of our 14 branches in and around Brisbane, so (the merger) will give us the ability to expand into regional centres and regional Queensland,” he said.

    Full Content: Sydney Morning Herald

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.