By: Staff Reporter
Credit Union Australia (CUA) has said it plans to merge with Plenty Credit Union in a bid to increase competition within the financial services sector.
CUA chief executive officer Chris Whitehead said the transition process would be a smooth one, with Plenty Credit Union joining the 150 other credit unions that form part of the CUA heritage.
“The merger with Plenty represents an exciting opportunity to bring the benefits of banking with CUA to Plenty members through access to a greater range of products and services, whilst also proving a great fit for CUA in pursuing its strategic objectives and strengthening the Australian mutual sector,” Mr Whitehead said.
Plenty chief executive officer Peter Jones agreed, saying that the merger will benefit both organizations mutually.
“The financial security and well-being of our members is our highest priority and we strongly believe that this merger with CUA offers the best outcome for them in terms of the service levels they will receive and the products and network that they will now have access to,” Mr Jones said.
As a result of the merger, Plenty members will have increased access to credit union products and services from CUA’s national branch network, including lower rates on a number of financial products, in addition to having the security and confidence of being part of a strong and growing organisation.
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