BRISBANE, Australia – The largest credit union in this county has announced it plans to double its assets under management to approximately $16-billion over the next three to five years.
Credit Union Australia is targeting the country’s four big banks in its quest, according to Andrew Hadley, adding the strategy calls for a combination of organic growth and acquisitions of other credit unions and building societies.
Earlier this year Credit Union Australia set is standard variable rate on loans 50 basis points below its average rate, which it expects to generate “several hundred-million dollars” in loans above its target. It is now setting its sights on deposits, including increasing its advertising budget by 50%.
