4 credit unions voted last week to combine forces, trading as NZCU Baywide. The members of a fifth, NZCU Steelsands, decided to stay independent.
All 5 – Aotearoa Credit Union, NZCU Baywide, NZCU Central, NZCU South & NZCU Steelsands – signed a conditional heads of agreement to merge last December.
Under the Friendly Societies and Credit Unions Act, the 4 which voted to merge have a 6-week stand-down period for any objections to be lodged & addressed. The official transfer date is therefore proposed as 1 May.
The merged credit union will trade as NZCU Baywide until a review is completed and strategic direction re-established. It will be the largest credit union in New Zealand with about $560 million in assets & 64,000 member owners.
NZCU Baywide’s chief executive, Gavin Earle, will be interim chief executive of the merged entity.
The merged credit union will combine services & specialise in home loans, personal loans, savings & investments, everyday transaction accounts and insurance for vehicles, loan protection, funeral protection and home & contents.
19 December 2018: 5 credit unions conditionally agree on merger
Attribution: Joint release.