RACQ Bank seeks a way out

The whole loan book of RACQ Bank is for sale.

Alternatively, the whole of RACQ Bank is for sale. This is what The Australian reported on Monday.

The loan book sale is the version Banking Day is hearing and it would be unprecedented in the world of mutual banks and credit unions.

There will be no shortage of buyers, ambition being abundant in the sector.

While the deposit book would be nice to have you still get the most valuable customer relationships with the loan book.

But an outright sale of RACQ Bank may attract more than just mutual banks as buyers.

The former QT Mutual Bank demutualised in the process of its transfer to the Royal Automobile Club of Queensland some years ago.

This brings commercial banks into the equation as potential buyers.

MyState recently bought Bundaberg-based Auswide Bank and bulking up its Queensland presence could make a lot of sense for MyState.