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Merger plans to benefit credit union members

Members of Enfield-based North London Credit Union will soon be joining us if a proposed merger gets the go ahead.

As credit unions are member-owned and member-led, they are a real example of strength in numbers and co-operation, and it is the members who decide on the future of their credit union.

Like London Capital Credit Union, North London Credit Union is a not-for-profit financial co-operative which was established in 1994. Owned and controlled by its members, managed and staffed by local people, North London Credit Union has a very strong voluntary element.

There are hundreds of credit unions in the United Kingdom all serving local people and employers and from time to time the members decide that merger will help them serve their members more effectively.

With total assets of about £3 million, the 1,500 North London Credit Union members will benefit from joining a larger credit union.

Martin Groombridge, Chief Executive of London Capital Credit Union, said: “By joining together, our two credit unions will be able to offer members a better service and make it easier for local people to find out which credit union to join. Combining our assets also means we can be more efficient and utilise members’ funds better to benefit everyone.”

If North London Members vote to merge and the Financial Conduct Authority approves, it is hoped that the merger will be completed by 1 October this year.

We look forward to welcoming our new members and boosting our presence in Enfield, to increase the number of people saving and to make affordable credit available to many more people in need.

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