ANDREW Healy, former CEO of National Irish Bank, is understood to be advising credit union specialist, le cheile Group, on its strategy to shake up the credit union sector.
The company is seeking to help credit unions through the turmoil facing the industry by establishing three separate companies, one of which is dedicated to providing governance services. It is understood the company will also provide a range of investment and insurance services to credit unions as well as a Visa debit card.
Speaking at the launch of the new le cheile companies, group chairman Seamus Keane confirmed that Healy's experience had been very helpful in establishing the three new companies.
The former NIB chief was unavailable for comment.
Keane said, "Ireland has higher credit union membership than almost any other country, with a large customer base rooted in individual communities. New regulatory requirements and commercial pressures mean that many credit unions are in need of support and we are dedicated to delivering that support. The coming months will see a range of innovative new products and services which will help transform the industry for the benefit of credit union members."
Des Sullivan, former CIO of listed Australian company Perpetual, has also been advising le cheile, primarily in the investment area, it is understood.