Merger Creates Australian CUGiant

Register now

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.

For reprint and licensing requests for this article, click here.