New credit union to emerge
(1 December 2009 – Australia) The annual meeting of the Australian Central Credit Union and the Savings and Loans credit union saw shareholders approve the merger of the two South Australian based companies.
The combined companies will create the second largest credit union in Australia with assets of more than A$7 billion and over 350,000 members.
The chairman of the newly created credit union, Bill Cossey, said that the group will now be able to compete more effectively with the big Australian banks.
Mr Cossey added that there is always a risk of being too big.
But as far as the group is concerned both credit unions, Australian Central and Savings and Loans, have got a very strong ethos of member service and that will remain in the new credit union, Mr Cossey added.
The chairman of the newly created credit union, Bill Cossey, said that the group will now be able to compete more effectively with the big Australian banks.
Mr Cossey added that there is always a risk of being too big.
But as far as the group is concerned both credit unions, Australian Central and Savings and Loans, have got a very strong ethos of member service and that will remain in the new credit union, Mr Cossey added.
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