Credit unions up the competition

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Credit unions are making some creative alliances in an effort to compete against big banks.

NSW-based Teachers Credit Union and the Victorian Teachers Credit Union are on the verge of making an agreement that will allow them to share back office and technology operations, reported the SMH.

The move will not only offset rising costs, but it will help the credit unions compete more effectively against the major banks.

NSW Teachers Credit Union chief executive Steve James said that the sector has already made a dent in the competition.

“We've taken some ground from them already, they certainly don't have the market share they had during the global financial crisis,'' he told the SMH.

The move is expected to be emulated by other small lenders looking to stem the tide of rising costs and pressures.

“I think there will still be mergers going in the credit union sector. This one is a little bit different, but regulators are likely to give it the tick,'' James said.

Both parties deny that the alliance will result in a formal merger.

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