BankVic crafting a national growth plan
Police Financial Services Limited, the Victorian-based customer owned bank that trades under the BankVic brand is mulling strategic proposals to expand its business nationally.In the past month, BankVic has applied to IP Australia for approval of a string of trademarks that clearly indicate the Victorian mutual bank is crafting a potential business path into other state markets.Earlier this month IP Australia received applications from Police Financial Services for the following trademarks:• BankTas• Bank of Tasmania• Bank of Brisbane• Bank of CanberraThe national push comes during a period of change for BankVic's board, which will ask members to approve the appointment of up to four independent directors at its annual meeting in Melbourne on 16 November.Under the proposed changes, BankVic would have a maximum of nine directors, with a minimum of five directors appointed by members.BankVic is evaluating the viability of a national multi-brand strategy as other customer-owned deposit takers review their identities in light of regulatory changes flagged by the Federal Government.Sydney Credit Union could be the next to join APRA's growing list of registered banks, with the company's board now contemplating a name change to Sydney Mutual Bank or GenBank.Queenslanders CU is also considering a name change as it enters a critical stage in its proposed merger with Queensland Country Credit Union.Members of both credit unions are expected to vote on the merger proposal before the end of the year.If members approve the proposed hook-up, the merged entity would become the second largest credit union in the state behind the Brisbane-based Credit Union Australia.Queenslanders CU has registered trademarks for Queenslanders Mutual Bank and Queenslanders Bank as a defensive action."At the moment, the trademark registrations are a protective measure to preserve our identity should we decided to use the word 'bank' in our branding in the future," said Queenslanders' executive head of sales, Brett Maunder.