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Credit Union South celebrates growth

Wednesday 25th June 2008

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Credit Union South is looking ahead with confidence in its first full year as a South Island-wide organisation after an amalgamation last year.

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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