TORONTO and VANCOUVER — In what might be a first for Canada, Credit Union Central of Ontario and Credit Union Central of British Columbia are in discussions to create a national lending and investment entity that would serve the entire country.
The proposed co-operative venture would create a combined liquidity pool offering greater lending and investment options, along with comprehensive payment and settlement services, and MemberDirect online services, the leading Internet banking platform for Canadian credit unions. Provincial centrals would continue to provide trade association services such as provincial government relations, marketing and communications, education and advisory services to credit unions within their respective provinces.
"Our member credit unions have asked us to take a national perspective to better position ourselves to thrive in a competitive financial services landscape," said Sheena Lucas, chair of Credit Union Central of Ontario. "This model would deliver size and scale in financial operations, while continuing to meet credit unions' unique regional needs."
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