In December 2018, Baywide Credit Union announced their intent to merge with Aotearoa Credit Union to create New Zealand’s largest customer-owned credit union.
The merger was seen as a positive step for both organizations, as it allowed them to combine their resources and expertise to offer a wider range of products and services to their members.
What were the benefits of the merger?
There were a number of benefits to the Aotearoa Credit Union Baywide merger, including:
- Increased scale and efficiency: The merger allowed the two credit unions to combine their resources and operations, which resulted in increased scale and efficiency. This allowed them to offer lower fees and better interest rates to their members.
- Wider range of products and services: The merger also allowed the two credit unions to combine their product and service offerings. This meant that members now had access to a wider range of financial products and services, including savings accounts, term deposits, personal loans, home loans, credit cards, insurance, and Kiwisaver.
- Stronger financial position: The merger created a stronger financial institution with a combined balance sheet of over $1 billion. This gave the credit union more financial stability and allowed it to invest in new technologies and services to benefit its members.
How has the merger been successful?
The Aotearoa Credit Union Baywide merger has been successful in meeting its objectives. The merged credit union is now the largest customer-owned credit union in New Zealand, and it offers a wide range of products and services to its members at competitive rates.
The credit union is also financially sound and has a strong track record of growth.
Conclusion
The Aotearoa Credit Union Baywide merger was a positive step for both organizations and for their members.
The merger has resulted in a stronger financial institution that is able to offer a wider range of products and services at competitive rates.