Credit unions, traditionally defined, will account for fewer than 50 per cent of the assets the sector once commanded, as the pace of industry mergers once again picks up.Mutual banks, most of them former credit unions, will have rolled up half of credit union industry entities by the middle of next year, if the half dozen credit union merger proposals now at hand are finalised.The latest of these is a merger of two Sydney entities, G&C Mutual Bank and Quay Credit Union.G&C will have assets of around A$1 billion following the merger ($750 million from G&C and $250 million from Quay).The larger of the pair, G&C, wrote in an advisory for members that Quay had "developed a well-earned reputation for harnessing new digital technologies to help deliver more efficient member service."For its part, Quay Credit Union rationalised the merger this way:"Over recent years the banking landscape has become extremely challenging due to increasing competition, rapid technological advances and the need to continually meet increasing risk management and regulatory obligations."G&C will maintain Quay's brand for a time.