Welsh credit unions join forces

The creation of the North Wales Credit Union will result in wider range of services, umbrella body Abcul says

North Wales Credit Union
North Wales Credit Union

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."

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North Wales Credit Union

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