GOLDFIELDS Credit Union’s plan to demutualise and list on the ASX by this month has been pushed back, due to Australian Prudential Regulation Authority approval delays.
GCU is now expected to list sometime in the first half of this year, a spokesperson for the group said.
Kalgoorlie-based GCU provides retail banking services to the Goldfields and Esperance regions. It plans to pursue a strategic alliance with stockbroking firm Patersons Securities, giving it access to Patersons’ product distribution and office network, helping GCU to grow its business.
The strategic alliance will allow clients of both organisations to access branded products under a combined company called Patersons GCU –Your Local Banking Choice.
Patersons will also underwrite a $9 million capital raising to expand GCU's capital base to $14 million.
GCU’s Allan Pendal, Bill McKenzie and Leigh Junk would continue in their respective roles on the GCU board. Patersons’ Michael Manford and Aaron Constantine will join the GCU board as non-executive directors.