Assiniboine Credit Union, Caisse Financial Group and Westoba Credit Union have announced they are collaborating to explore combining their operations to create a new credit union
in Manitoba.
“The environment for Canadian financial institutions is influenced by increasing competition, member needs and expectations, technology investments, a challenging economic environment and increasing regulatory requirements,” says Crystal Laborero, Board Chair, Assiniboine Credit Union. “We are exploring whether together as one credit union, we could be stronger and better positioned to address these opportunities and challenges.”
“There is the potential to build something great for our members and our province,” says Réal Déquier, Board Chair, Caisse Financial Group. “The partners have made a commitment that a new entity would continue to offer French language services. A new financial cooperative with greater size and strength will have more capacity to deliver enhanced products, services, and technology for our personal and business members.”
The three organizations have started an exploration process where they will evaluate each other’s operations and develop a comprehensive business case. The new credit union would commence operations in a financially strong and highly competitive position, with nearly $10 billion in assets.
“The decision on whether to come together as one will be guided by the question, is this collaboration in the best interests of our members, employees and communities,” says Garnet McBurney, Board Chair Westoba Credit Union, “This includes a commitment to ensuring our values guide our decision making, and continuing to support the communities that make the partners who we are today – Manitoba’s rural, agriculture-based, urban, and French communities.”
Throughout this process the partners will consult with their employees, members, and communities to learn more about what they would like to see from their financial services provider in the future. If the due diligence and business case processes result in the three Boards recommending a merger, regulatory and membership approval will be sought.
