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Connexus : Issue 41
S&P rating for QTMB Queensland-based QT Mutual Bank has received a long term BBB+/stable/A2 credit rating from Standard & Poor’s. QTMB chief executive Michael Murphy says the strong BBB+ rating recognises QTMB’s ver y strong capital and earnings position and its low credit risk profile, supported by its well-secured residential mor tgage lending and customers with a sound loan servicing profile. “ The rating is another strong endorsement following the move to become a mutual bank last year,” he says. “Our core member bond is the teachers who have suppor ted the per for mance of our home loans and the stability of our deposits. “ Rebranding as a mutual bank, obtaining a credit rating and gaining the ability to access wholesale funds are all part of our overall strategic direction to ensure QTMB remains relevant and competitive for its customer s into the future. “An initial BBB+ rating is a positive achievement for QTMB. It’s in line with the highest rating received by a mutual ADI in Australia and provides QTMB the flexibility to seek investment from wholesale capital markets, opening up new avenues of funding to supplement its retail deposit base,” Murphy says. Community First slashes rates Community First Credit Union has cut the interest rate on its two credit cards by 0.25% to 9.50% per annum, claiming them as Australia’s cheapest by about 0.75%. The new interest rate applies to Community First’s Low Rate Visa Card, and McGrath Pink Visa Card. “We are committed to making a difference to our members’ hip pockets with our extremely low rate credit cards,” s ays chief executive John Tancevski. Apart from its commitment to its members, Community First Credit Union is making a difference in the community with its support for charities such as the McGrath Foundation to help fund McGrath Breast Care Nurses across Australia and increase breast cancer awareness in young women. Community First donates $20 dollars from the $40 annual fee of each McGrath Pink Visa credit card, to the McGrath Foundation. “We are very proud the McGrath Pink Visa credit card is Australia’s only credit card supporting Australian families exper iencing breast cancer,” Tancevski says. Driving business Woolwor ths Employees’ Credit Union and QBE Insurance recently ran a competition as part of a marketing blitz and WECU’s 40th anniversary celebrations. Members who renewed or signed up for a QBE general insurance policy went into the draw for a new car. Pictured from left is Woolworths CEO Grant O’Brien, the lucky winner, Moira Dengate and WECU general manager Steve Sampson. It’s in line with the highest rating received by a mutual ADI in Australia. Correction In ‘Raising the gender agenda’, a story published in Connexus 40, Theresa Mason was referred to as a director of Teachers Mutual Bank. She is head of sales and marketing at the bank. 6 Connexus NEWS