Federal Treasurer’s decision on Firstmac Acquisition

March 16, 2020 in Latest News

Dear Members and Customers,

Late on Friday afternoon the federal Treasurer advised Firstmac Limited that its proposed acquisition of MCU Ltd would not be in the national interest.  As a result, the sale process to Firstmac Ltd will not proceed. Maleny Credit Union will continue to operate independently and will seek an alternative acquirer.  

This has been a very lengthy process and the board are deeply disappointed that such a beneficial outcome for our members has been rejected.  The primary reason given by the Treasurer relates to ownership issues that may have wider implications for the banking system.  Arguments for community benefit and competition with the major banks have not been able to overcome this concern.  This is despite a similar transaction receiving Treasury approval in the past, which gave the parties a reasonable expectation of success.

Please note that the credit union will continue to operate and support the community as normal and we will advise our longer-term strategy as soon as possible.  

We also advise that measures to reduce the impact of the Coronavirus pandemic may require us to change how you contact us. For example, some staff may work from home and the hours for over-the-counter banking may change.  We will notify you if any of these changes become necessary.

Tony Ziemek