Four credit unions vote through merger
NZCU South, NZCU Central, Aotearoa Credit Union, and NZCU Baywide voted in favour of a deal last week. A total of 97% of credit union members present voted in favour of the deal, the parties said in a joint statement. The deal was struck to "create a competitive alternative to mainstream banking", the quartet said.
However, one credit union, NZCU Steelsands, comprising 3,600 members, voted against the deal to remain independent and did not take part in the vote. It will continue to operate as normal, while the four merged unions will be collectively branded NZCU Baywide.
The four merged parties will conduct a joint review of future strategy. It will have $560 million in assets and serve 64,000 members. The business will continue to be focused on home loans, personal loans, savings and investments.
The credit unions already operate under the same computer system, and will officially merge on May 1.
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