A Queensland-based lender has announced it will change its trading name in an attempt to secure future growth and remain relevant with members.
Subject to final approval from the Australian Prudential Regulation Authority (APRA), QPCU will be rebranded to QBANK from 1 July 2016.
QPCU chief executive officer Grant Devine said the name change better reflects the bank’s customer service proposition.
“The term ‘credit union’ doesn’t mean as much to people these days, and we believe our new trading name will clearly explain what we do and who we serve,” he said.
“We’ve been looking after police, fire, health, justice and other government employees for decades, so we believe the name QBANK helps us better represent all of the members we serve.”
Mr Devine said that the business has seen “tremendous growth” over the past 12 months, with loan growth approaching 20 per cent for the year and new member growth the best it’s been in years.
“We want to continue that trend and this change will help to make sure the business is even more sustainable and successful long into the future,” he said.
QPCU chairman Jillian Steinkamp echoed Mr Devine’s comments and noted that the board supports the move unanimously.
“Ever since the credit union was created by four police officers 52 years ago, we have been on a constant path of innovation and improvement, all aimed at better serving our members and their families,” she said.
“Trading as a bank is yet another example of how we continue to adapt to the environment around us, to better support our membership.”
[Related: Macquarie grows mortgage book by 16%]