The pace of B.C. credit union mergers is accelerating, with resulting institutions being ever bigger.
CEOs are saying that even as their institutions grow in size or seek to expand business outside provincial borders, they remain true to the credit union movement’s founding ethic of being more flexible with customers than banks when it comes to lending.
CEOs at Coast Capital Savings and Vancity, for example, said more assets under management and a greater scale help them compete.
Canadian credit union mergers not new
In 1980, about 2,000 credit unions operated outside Quebec in Canada, according to the Canadian Centre for the Study of Co-Operatives.
Consolidation has helped push
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