Credit Union Centrals Put Merger on Hold

Wednesday 22 October 2003 03:10 CET | News

Canadian Credit Union Central of Ontario, the centralbank and trade association for the majority of Ontario credit unions, has suspended discussions with its B.C. counterpart to merge their respective wholesale financial services divisions.

The discussions have been suspended due to legislative delays in both provinces and at the federal level. In the interim, Ontario Central is focusing its resources on core services that will strengthen both our organization and the Ontario credit union system. The centrals announced plans to explore a merger of their financial services functions in October 2000, and credit unions in both provinces approved the business case for the deal in April 2002. As provincially-chartered credit union centrals, the two organizations provide a variety of financial services to credit unions in their respective provinces, including liquidity management, wholesale lending, and settlement of both cheques and electronic payment items. The merger envisions creating a single, federally regulated organization to perform these functions.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce