Merger Creates Australian CUGiant

October 12, 2005, 1:00 a.m. EDT 1 Min Read

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SYDNEY, Australia - (10/12/05) -- Australia's two biggest creditunions have agreed to combine to create a $5 billion institutionwith as much as 25% of the mutual banking market. The deal willmerge Brisbane-based Credit Union Australia with Sydney'sAustralian National Credit Union to create a credit union with 75branches and 400,000 members, by far the largest in the nation.Credit Union Australia will be the surviving entity which willexpand its markets nationwide.

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