NZCU South Signs Heads of Agreement to Merge Today five New Zealand credit unions including NZCU South have announced the signing of a conditional Heads of Agreement to merge, after our boards recommended a transfer of engagements into one single credit union. The unification of NZCU South, NZCU Central, NZCU Steelsands, Aotearoa Credit Union and NZCU Baywide under one brand will create New Zealand’s largest, strongest and most significantly resourced credit union. It will have over $600m in assets, serve ~ 75,000 New Zealand member owners and have over 300 staff. Upon completion of the transfer of engagements, the merged credit union will be comparable to other notable financial services providers such as SBS and the Cooperative Bank as leading member owned alternatives to mainstream banking in New Zealand. The announcement is a significant development that is focused on creating a credit union for the future from a united group of credit unions with a collective quest to continue to develop a strong, stable and sustainable sector that delivers on its purpose of ‘people helping people’ across New Zealand.” The scale of the larger credit union will deliver efficiencies, better pricing for savings and lending rates, greater reach across the combined nationwide branch network and online, more potential to invest in technology to improve services and wider access to capital for the benefit of member owners. We believe our united approach will bring an attractive banking alternative that is 100% member and Kiwi owned. A formal process of obtaining member approval for the Transfer of Engagement will take place and we will communicate with you in the New Year on how and when this will occur. If you have any enquiries on this matter please contact us.