Westoba Credit Union in merger talks
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Hey there, time traveller!
This article was published 01/12/2023 (711 days ago), so information in it may no longer be current.
Westoba Credit Union is in discussions with Assiniboine Credit Union, and Caisse Financial Group to form a new financial cooperative in the province.
Westoba president and chief executive officer Jim Rediger told the Sun that the proposed cooperative aims to prioritize urban, rural, and agricultural communities, along with French language services, and an ethical approach to banking.
He said he was optimistic about the possibility of the three credit unions merging and expressed confidence in the partners establishing something exceptionally distinctive in Manitoba.
“It will be a new phase for our organization for maybe for the next 60 years,” he said. “If it’s approved by all three of boards, then we’ll be moving to a member vote later in 2024.”
Westoba’s assets, he said, are about $1.6 billion. The assets of the new organization are projected to be around $10 billion if the merger is approved.
Rediger said the potential name for the new organization has not been agreed on, adding that all three organizations have plans to engage members and staff to gather input on various aspects of the new financial institution, such as its name and branding.
For Westoba, Rediger said the potential merger would mean significant changes within the financial services sector. He acknowledged the growing demands from both credit union members and employees and the crucial need to adeptly meet those evolving expectations.
Assiniboine Credit Union Board chair Crystal Laborero said the development would change the landscape for Canadian financial institutions. She highlighted increased competition, evolving member needs, technological advancements, economic challenges, and heightened regulatory requirements.
“We’re exploring the potential of amalgamating into a single credit union to better navigate these opportunities and challenges,” Laborero said in a statement issued on Friday.
Caisse Financial Group sees potential benefits for its members and the province in the merger, if approved, emphasizing the commitment to maintaining French language services.
Its board chair, Réal Déquier, said the larger financial cooperative would offer possibilities in terms of expanded products, services, and technology for both personal and business members.
The collaborative approach, he added, includes ongoing consultations with employees, members, and communities to understand their desired future financial services.
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