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Wednesday 18 September 2019

Two smaller credit unions merge with top-10 lender

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Charlie Weston

Charlie Weston

One of the largest credit unions in the country is taking over two smaller units.

Progressive in north Dublin is merging with Clontarf and East Wall in a move that will mean its assets will be more than €200m.

Progressive boss Sean Staunton is not ruling out further takeovers.

The north Dublin credit union got approval to do business in the villages of Rush and Lusk following the collapse of the controversial Rush Credit Union.

Members of Progressive, Clontarf and East Wall all voted at separate annual meetings this week to approve the merger, which will mean an extra 6,000 members for Progressive, taking its total to 55,000. Its assets will be around €203m, making it one of the top 10 largest credit unions in the State.

It had member savings of €155m before taking over the two credit unions.

Mr Staunton said the high cost of regulation make it difficult for smaller credit unions to survive. A larger lender could absorb regulatory costs.

Irish Independent

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