Credit unions seek scale and profitability in five-way merger

Tue, 18 Dec 2018

By Pattrick Smellie Dec. 18 (BusinessDesk) - Five of New Zealand's credit unions are to merge and create the country's largest single union of member-owned, low-cost lenders as the sector struggles with the cost of new banking software and a recent credit rating downgrade. The merger of NZCU South, NZCU Central, NZCU Steelsands, Aotearoa Credit Union and NZCU Baywide will create a single credit union with more than $600 million in assets, serving around 75,000 New Zealanders. All are using the Oracle Flexcube banking software package o...

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