Community CPS Australia today announced its intention to merge with West Australian-based United Credit Union.
According to Community CPS chief executive officer Kevin Benger, the merged business would represent a combined membership of more than 175,000 people with total assets under management of $2.2 billion in addition to more than $360 million of additional funds under advice.
Mr Benger said both credit unions are significant players in the financial services field and had identified numerous synergies between the two organisations.
“Each credit union has maintained a strong financial position over a number of years and has a loyal membership base, excellent staff and a strong product portfolio,” he said.
Members of the mutuals will be invited to vote on the merger once regulatory approval has been granted.
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