Credit Union South Celebrates Growth, Awards

MEDIA RELEASE: 25 June 2008

Credit Union South Celebrates Growth, Awards

Credit Union South is looking ahead with confidence in its first full year as a South Island-wide organisation following amalgamation last year.

Chief Executive Officer Andrew Leys says Credit Union South is well positioned to take advantage of the ‘flight to quality’ as retail investors seek good returns as well as a sound track record.

Credit Union South began operating from 1 November 2007 following the amalgamation of five South Island credit unions (listed below). It now has more than $100 million in assets, $16 million in reserves and recently reported a surplus for the year ended 31 March 2008 of $927,210. Since balance date (31 March 2008) the Nelson Port & Industrial Credit Union has also become part of Credit Union South.

As a friendly society Credit Union South is owned by its members.

“With our focus on serving our members first we are providing some of the best products and services in the industry, which has been confirmed with our Cannex rating earlier this year,” says Andrew Leys.

Credit Union South’s Everyday Chequing Account was rated five-star value by Cannex, an independent Australasian banking rating organisation.

“Our Fully Featured Transaction Account, Electronic Transaction Account and personal loans won the top award in the recent Cannex Banking awards when all Banking Institutions are included. Our floating rate home loans and term deposits are also recognised as good as, if not better, than comparable offerings from other financial institutions.

“Our recent amalgamation means we now have 16 offices throughout the South Island including a recently opened office in Oamaru.”

“Already the amalgamation has delivered significant fee reductions to our customers with more to come,” says Andrew Leys.

“We are thriving as a result of a strong capital base, low fees and loyal member support.”

“We are also working with our customers, particularly those who need help with debt following a decade of excessively easy consumer credit, to help them get on top of debt. Our very good personal loan products are helping customers escape from the cycle of increasing debt fuelled by very high interest rates, by consolidating debt into one manageable and low-cost loan.

“We also provide specialist support services for customers who want to turn around their finances and stop being dependent on high-cost consumer debt. Working closely with individual customers with debt issues has a very high success rate, is personally rewarding, and reflects the credit union ethos of caring about the financial success of each and every customer,” says Andrew Leys.

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