Biggest Credit Union Amalgamation coming soon
Dominica will see the biggest amalgamation this year when five Credit Unions around the island will pull their resources together to provide better services to their members.
President of the Roseau Cooperative Credit Union, Mr Dexter Ducreay said that the amalgamation will be finalized in November this year, following a series of meetings with members, who have fully endorsed the move.
“We have the Roseau Cooperative Credit Union, La Salette in Pointe Michel, St Paul’s in Mahaut, St David’s in Riviere Cyrique and the Vielle Case Credit Union. These five Credit Unions will be coming together on November 1st to form a new Cooperative Credit Union which will be called the National Cooperative Credit Union,” said Ducreay.
Mr Ducreay said that while the five credit unions in question all have good ratings and increased membership; the amalgamation will further strengthen their ratings, positioning the financial institution to overcome upcoming challenges inflicted by the global financial crisis.
“Amalgamation has been in the air for a long time now but recent events in the world determine that we need to come together to be a stronger institution. We’ve heard of the few shocks like the ‘Clico” issue which has created many burdens on institutions. Unlike the Roseau Cooperative Credit Union, we were at a particular size where we were able to stand strong. We feel that in time, shocks will come in the future so we want to position ourselves in such a way that when it do come we can ensure that our money is safe,” assured Ducreay.
Mr Ducreay who is also the chairman of the organizing committee said that all members of the five credit unions will receive a number of benefits from this amalgamation.
According to him, “changes will happen in that customers will have more branches to operate from and there are more days to operate on too, since the St Paul’s Credit Union in Mahaut opens on Saturdays. Roseau members can no do business at Mahaut on Saturdays. Members in the smaller credit unions can also take advantage of the many services that are available at the Roseau Cooperative Credit Union.”