Merger between NZCU Baywide and Credit Union Bay Health
12 December 2013
Merger announced between NZCU Baywide and Credit Union Bay Health
At a Special General Meeting of Credit Union Bay Health held on Monday night in Hastings, members voted resoundingly in favour to merge with NZCU Baywide.
“This resolution follows a process of discussions between the Boards of both organisations and robust due diligence, which has highlighted the mutual benefits for members coming together as one stronger entity; one that is better positioned to provide a compelling banking alternative to the members we serve,” says Credit Union Bay Health Chair Carol Priest.
Both credit unions have strong roots in the Hawke’s Bay region. 1,800 Credit Union Bay Health members will join 34,000 members of NZCU Baywide, further positioning the organisation as one of the largest credit unions in the country.
“The impact of the merger will be positive for both organisations,” says NZCU Baywide Chair Iain Taylor. “There will be broader access to additional products and services for the members of Credit Union Bay Health, with significant opportunity to grow the business within the Hawke’s Bay health sector.”
Credit Union Bay Health acknowledges the reasons for the merger are to provide its members with access to additional products and services in order to remain competitive in the market. “Importantly, the merger with NZCU Baywide will mean our culture and philosophy of being member owned and operated is retained,” says Carol Priest.
Subject to the relevant regulatory approvals being obtained, the proposed date of the transfer of engagements will take effect on 28 February 2014.