Uni Credit Union (qld) To Merge With Mecu (vic)

Uni Credit Union (QLD) to merge with mecu (Vic)

The members of Uni Credit Union Limited (UCU) have voted overwhelmingly to merge with mecu Limited. Uni Credit Union will transfer its business to mecu as of 1 August 2008, creating a $1.7b credit union with 18 branches and 230 staff.

The merger will result in mecu establishing a stronger presence in Queensland delivering benefits for members, staff of both credit unions and their respective communities.

John Coker, Uni Credit Union's Chairman said: "The merger result is a clear indication that our members acknowledge the great potential in joining with mecu to offer sustainable banking in Queensland."

"Members can look forward to receiving some of the best interest rates in the market on their loans and deposits underpinned by a strong commitment to social responsibility."

As a result of the merger, existing UCU Director Mr Ron Dixon will be appointed to mecu's Board. Phylip Doughty will remain as CEO of the merged entity.

ENDS

Media inquiries:
Mr Gabriel Romaguera
Acting Chief Executive Officer | Uni Credit Union |
T: 07 3327 5820 |
F: 07 3327 5850 |
PO Box 330 Toowong Q 4066 |
www.unicu.com.au |

SOURCE: Uni Credit Union