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The Bristol-based Great Western Credit Union (GWCU) expanded to Stroud in Gloucestershire, England, after completing a merger with the Stroud Valleys Credit Union (SVCU).
GWCU merges with SVCU
The merger will increase the number of GWCU members in Bristol, Bath, Dorset, Somerset, Wiltshire and Gloucestershire to 21,000, saving a total of approximately 11 million in deposits. The company added that the move “also helps improve and modernize local services.”
James Berry, CEO of GWCU, said the new merger will allow more people in southwest England to “build economic resilience.”
Credit unions have already built long-standing partnerships because of their proximity.
To date, GWCU has led SVCU on topics such as grants, implementing IT projects, and opening new accounts.
GWCU states that it will offer a variety of low-cost financial services as an alternative to high-interest lenders on High Street by benefiting the community directly from funds from credit union services.
Andy Moy, SVCU Chair, said:
“As one of the smallest credit unions in the UK, it’s becoming increasingly difficult for SVCU to appeal to the next generation. Becoming the largest member of our region is far more than our community. It means that many people learn about and benefit from savings and borrowing at their local credit unions. “
