Credit Union South confirms restructure

8 March 2017

Credit Union South confirms restructure as popularity of online banking continues to grow

Credit Union South is set to restructure its business in the face of the growing use of online banking and because of the small membership numbers at some of its branches.

Credit Union South, trading as NZCU South, is a 100% New Zealand-owned financial cooperative and is the third largest credit union in the country.

Eighteen roles will be disestablished following consultation with staff.

The restructuring will see Credit Union South:

• Close its branches in Greymouth, Timaru, Oamaru and Gore;
• Disestablish its Money Coaching service and some customer service roles in Nelson and Dunedin.
• Consolidate its two Christchurch branches.

The Hornby branch in Christchurch will close at the conclusion of its lease, in May. All other branch closures will be on the 31st March. The restructure will be completed by mid-April. Members can still access ATMs in Greymouth, Hornby, Timaru, Oamaru and Gore.

The credit union is working on possibilities to retain the branch in Richmond rather than move to the Nelson site, as proposed during consultation.

To better service members, eight new customer or sales roles will be created in Dunedin, Christchurch and Invercargill.

Chief executive Tania Dickie said NZCU South, like all those in the banking sector, was being impacted by the growing use of online banking which meant “much reduced activity” in its branches.

“This is a difficult situation for us all and I want to pay tribute to our staff for their outstanding work over the years.

Where ever possible we will try to find positions for staff in new customer services roles being created in Dunedin, Christchurch and Invercargill.”

• ENDS -

© Scoop Media