Three Manitoba credit unions are exploring the possibility of becoming one entity.
Assiniboine Credit Union, Caisse Financial Group and Westoba Credit Union have announced they are in talks to potentially combine their operations into a single credit union.
“The environment for Canadian financial institutions is influenced by increasing competition, member needs and expectations, technology investments, a challenging economic environment and increasing regulatory requirements,” said Crystal Laborero, board chair of Assiniboine Credit Union, in a statement.
“We are exploring whether together as one credit union, we could be stronger and better positioned to address these opportunities and challenges.”
The three credit unions are currently evaluating each other’s operations to develop a comprehensive business case. The new credit union would hold nearly a combined $10 billion in assets.
Each of the organizations will be consulting with their employees, members, and communities on the possible merger. If the three boards recommend the move, regulatory and membership approval will be sought.
More information can be found at CollaborationMB.ca.