Secretive Mackay takes aim at Pioneer

Mackay Permanent Building Society failed in a bid to take over a second local rival, Pioneer Permanent Building Society, as the company seeks to consolidate niche banking businesses on the central Queensland coast. Mackay made a conditional offer for Pioneer on June 23. Pioneer rejected the offer on June 29. Mackay did not elaborate on the offer. Pioneer Permanent said, however, there were synergies between the two companies and that they would be open to further discussions. Mackay Permanent held informal talks with Pioneer in late 2003. Mackay also made an unsuccessful offer last year – the terms of which remain undisclosed – for Capricornia Credit Union.