CUA winning market share from banks

The market share of banks fell to 83.9 per cent in November from 85.5 per cent in October reported the Australian Bureau of Statistics last week, reflecting a lift of 14 per cent in a month of the number of loans provided by building societies and credit unions.

“We are selling twice as many mortgages now per month now compared to how many we were selling this time last year,” said CUA chief executive Chris Whitehead. CUA is almost as big as all the other credit unions and building societies put together, and is getting bigger as it slowly gobbles up all the remaining small local credit unions.

CUA is actively seeking to takeover small credit unions and roll out its new core IT platform that will lay the foundations for real competition in banking. CUA also seem destined to win its fight to be labelled as an official-sounding “Banking Institution” instead of just “Authorised Deposit Taking Institution” as they are now.

Source: Courier Mail