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Australia's RACQ Group launches RACQ Bank

Royal Automobile Club of Queensland, or RACQ Group, has officially launched RACQ Bank's first 13 branches around the Australian state of Queensland.

The mutual bank aims at offering personal banking products with low to no fees, among other things, RACQ Group CEO Ian Gillespie said in a Sept. 25 release. Its services include transaction and savings accounts, credit cards, personal and home loans, and a private bank.

RACQ Group merged with QT Mutual Bank Ltd. in 2016.