Future the focus
QUEENSLAND Country Credit Union is tapping into relationships with its members to take advantage of opportunities in the small business sector.
Chief executive Aileen Cull said yesterday, at the mutual institution’s 40th anniversary celebrations, that the credit union had the sector in its sights and had developed a range of products to meet the needs of small business.
‘ ‘ We have existing relationships with many people in the small business sector . . . and we are pursuing opportunities to work with them and expand our support for them,’’ she said.
Ms Cull said while there were a number of opportunities for growth, business for Queensland Country Credit Union ‘‘ is all about the regions’’.
‘‘ After 40 years serving Queensland regional communities, they remain our core focus,’’ she said.
Ms Cull said the credit union was focussed on online delivery of services to expand market share and also remained open to establishing additional branches.
She said the 2009-10 financial year had seen her organisation achieve $ 1 billion in assets, a milestone t hat pl aced Queensland Country Credit Union 13th in the rankings of credit unions whose assets ranged from a low of less than $ 100 million up to $ 8 billion.
Ms Cull said she expected 2011 to be good year for mutual institutions as borrowers, dissatisfied with banks’ treatment of customers, turned to the sector to meet their needs.
‘‘ The market share of the mutuals sector has risen from 7 per cent to more than 10 per cent in the past few months as people have voted with their feet to record their displeasure with the banks,’’ said Ms Cull.
Ms Cull said the mutuals s ector was pushing f or change to regulatory arrangements to enable it to give members the benefit of franking credits enjoyed by s hareholders in publ i c - listed entities.
‘‘ We receive the credits, but do not issue dividends so we cannot take advantage of them,’’ she said.
‘‘ We see this as delivering an unfair advantage to listed financialinsti - tutions.’’
MILESTONE: Queensland Country Credit Union chief executive Aileen Cull