February 3, 2011
A mutual playing field
If mutuals are going to become the ‘fifth pillar’ of retail banking, everyone had better play nice…
BY CHARIS PALMER
Australia’s mutual sector wants to secure 20 per cent of all retail bankijg business, says Abacus Australian Mutual chief executive Louise Petschler, as the sector capitalises on a shift away from the major banks, and the govertnment moves to level the playing field.
Australian Bureau of Statistics data for November reveled the tide was turning toward the mutuals, with the number of owner-occupied loan approvals written by credit unions and building societies jumping by 14.2 per cent, seasonally adjusted.
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Written by: Charis
Filed Under: Mutual Monitor, Retail Banking Review
Tags: Abacus, banking competition, fifth pillar, Louise Petschler, mutual banking, mutual sector
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