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RACQ now offering banking after merger

AAP logoAAP 23/11/2016 Stuart Layt

Queensland's peak motoring body will now compete with the big four banks, after finalising a merger which will see it offer banking and home loans.

RACQ announced its merger with QT Mutual Bank earlier this year, and the amalgamation has now been finalised, in what the club claims is the first arrangement of its kind in the world.

RACQ Group CEO Ian Gillespie said members of QT Mutual Bank had voted overwhelmingly in favour of the merger.

"RACQ will now take some time, at least into the second half of 2017, to prepare the bank or an influx of new customers through the extensive RACQ membership base and to meet the expectations of RACQ members into the future," Mr Gillespie said in a statement.

"RACQ is an integral part of Queensland and this new direction will allow us to be of even greater service to our more than 1.6 million members in their everyday lives."

Mr Gillespie said existing QT Mutual Bank members would be unaffected and could keep accessing their accounts as usual.

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