27/02/2008 - 22:00

$2bn in loans for credit society

27/02/2008 - 22:00

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Westpac has its Volkswagens, Aussie has its Rav 4s, Home has its Minis and now the Police & Nurses Credit Society has a fleet of Mazda 3s to raise its profile and showcase its brand on Perth’s roads.

$2bn in loans for credit society

Westpac has its Volkswagens, Aussie has its Rav 4s, Home has its Minis and now the Police & Nurses Credit Society has a fleet of Mazda 3s to raise its profile and showcase its brand on Perth’s roads.

Police & Nurses chief executive Fred Huis unveiled the new fleet this week, as he proudly announced that the Police and Nurses Credit Society had passed a major milestone, with total loans under management exceeding $2 billion.

The society’s loan portfolio has doubled in the past five years, after passing the $1 billion mark in December 2002.

Police & Nurses can also claim the mantle as the biggest lending institution fully run from Western Australia, after arch rival Home Building Society was taken over by Bank of Queensland.

Mr Huis says the new vehicle fleet is not designed to get one-up on Home’s fleet of minis, which have featured prominently in its advertising.

Indeed, he says Police & Nurses main competitors are the big banks.

“Compared to our competitors, which are BankWest or the [other] major banks, we are still very small but we are the largest [credit union] in Western Australia and the fourth largest in Australia,” he said.

The Bank of Queensland is aiming to be a serious player in the local market, after paying $592 million for Home Building Society, which itself had acquired StateWest Credit Society and made tentative takeover moves against Police & Nurses last year.

Mr Huis said there would have been some customers coming over from that merger, however the society’s recent growth had more to do with Western Australia’s prosperity and inflation. 

Mr Huis, who joined the former police credit union in 1982, has seen enormous change.

“When I first came here we were an asset size of $19 million,” he told WA Business News.

“Now we are over 2.2 billion so we’ve had growth, and that’s over a period of over 20 years,” he said.

Mr Huis said the aim of Police and Nurses Credit Society was to be the most recommended and highly regarded financial institution in Western Australia.

“And that has nothing to do with size,” he said.

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