Wednesday 25th June 2008
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Chief executive Andrew Leys says Credit Union South is well positioned to take advantage of the 'right to quality' as retail investors seek good returns as well as a sound track record.
Credit Union South began operating in November 2007, following the merger of five South Island credit unions. It now has more than $100 million in assets, $16 million in reserves and recently reported a surplus for the year ended 31 March 2008 of $927,210. Since balance date (31 March 2008) the Nelson Port & Industrial Credit Union has also become part of Credit Union South.
The company's recent amalgamation means it now has 16 offices throughout the South Island, including a recently opened office in Omaru.
"Already the amalgamation has delivered significant fee reductions to our customers with more to come," says Leys.
"We are thriving as a result of a strong capital base, low fees and loyal member support."
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