NZ credit unions to merge
NZCU South, NZCU Central, NZCU Steelsands, Aotearoa Credit Union, and NZCU Baywide have agreed to merge, the unions announced today. The decision to join forces comes as the credit unions look to take business from the country's major lenders, which have limited credit availability over the past 18 months.
The deal is subject to completion and transfer of engagements, the firms said. The parties said they hoped the deal would provide a "strong competitive alternative" to the big banks. The merger requires approval from members of the unions.
It comes after NZCU Baywide unveiled a series of new products to win mortgage business over the course of 2018, including 95% mortgages and relaxed NSR requirements for high LVR loans.
The merger comes after the five credit unions agreed to go under the same computer system last year.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)
