Five credit unions in North Wales have merged, it has been announced.
Caledfryn, Clwyd Coast, Llandudno and District, Wrexham and Y Llechen credit unions have joined to form North Wales Credit Union, which becomes one of the largest of such groups, with more than 9,500 members.
A spokesman said the merger had come about because the five unions had wanted to offer a greater range of services to members, but felt that they needed to grow in size to do so.
He said the merger would allow the union to offer customers a wider network of offices and collection points, improved opening hours, higher savings limits and larger loans. It would also allow its customers to access a credit union current account, he said.
There would be no job losses among the new organisation’s 23 employees as a result of the merger, and the new union might take on more staff, the spokesman said.
Mark Lyonette, chief executive of Abcul, the umbrella body for credit unions, said: "The formation of North Wales Credit Union is a landmark for the credit union sector in Britain.
"The merger demonstrates the importance of credit unions working together to deliver a wider range of services and provide the consistently high quality of service necessary to attract a mix of members."