Suncorp Bank’s not the only Queensland lender in swoopers’ sights, with regional banks and bigwigs casting their eyes over RACQ’s Queensland’s troubled banking arm.
Motoring body RACQ got into banking in 2016, when it merged with another member-based organisation, QT Mutual Bank, in a rare deal that saw a non-financial institution acquire an Authorised Deposit-Taking Institution.
Most recently, banking regulator APRA rapped RACQ Bank and sister company RACQ Insurance Ltd over the knuckles forSo, attention in the sector is turning to just how strong RACQ’s appetite is for banking And if it’s good enough for Suncorp - with a loanbook about 30 times bigger than RACQ Bank’s - you would have to think it’s good enough for a motoring association with a regulator on its back.RACQ Bank - which is actually licensed as Members Banking Group Ltd - had $2.1 billion in total resident loans and finance leases as of November, according to APRA data, and total resident assets worth $3.37 billion.
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