Altura Credit Union, previously Gorey Credit Union Ltd, has now joined forces with Metamo, to create a new joint venture between 16 of Ireland's largest credit unions from across the country and Fexco financial services.
The collaboration will be an investment of €10 million, and the venture will be on an equal basis.
'Altura Credit Union is an integral part of several communities around Wexford and Wicklow and becoming part of the Metamo joint venture will mean we can modernise to keep pace with other financial service providers, which I am convinced will allow us to provide an improved service and set of products to our members,' said Barry Monaghan, General Manager of Altura Credit Union.
Going forward, Metamo will be establishing a central shared services hub to improve delivery capability for credit unions as well as researching and developing new financial products and services to offer a wider range to members.
Welcoming the move, Minister for Finance Paschal Donohoe TD said that members of all credit unions stand to benefit from the enhanced products and services to come.
'Credit unions hold a unique and special standing as one of the most trusted brands in the country. They continue to provide invaluable services to local communities promoting financial inclusion. I am delighted to see collaboration within the sector,' he said.
Metamo's vision is of empowering credit unions through access, expertise and development will from now on will be based in Kerry with offices in Dublin.