RACQ to merge with QT Mutual Bank

In a globally unprecedented move, a motoring club and a bank are set to merge in the second half of next year.

RACQ and QT Mutual Bank today completed the final legal step of the transaction, with the actual merger expected to be finalised in the second half of next year.

RACQ Group CEO Ian Gillespie said the merger between a motoring body and a bank was the first of its kind in the world, and would provide Queenslanders with a new member-owned force in banking.


He said QT Mutual Bank members will continue to access their accounts as usual but RACQ would aim to broaden the bank’s digital offering over the coming year.

“We intend to deliver increased investment in technology and new digital capabilities including a new mobile app, greater internet banking functionality and enhanced platforms that enable members to apply for issued products online,” he said.