A merger between three B.C. credit unions could give birth to one of Canada’s biggest financial institutions.
That’s according to an April 3 release from Prospera Credit Union, Coast Capital Savings Federal Credit Union and Sunshine Coast Credit Union, in which they announced their intentions to merge.
According to the release, the new credit union will administer more than $38.6 billion in assets and employ 2,500 workers, with a total of 730,000 customers across 70 branches in the province’s southwest region.
Prospera and Sunshine Coast Credit Union are provincially regulated. The merger would see them transition to become federally regulated on alongside Coast Capital. This will allow the new financial institution to serve members as they move outside of B.C., and become an alternative to big banks, according to the announcement.
Merger discussions will continue over the following weeks.
Vancouver City Savings Credit Union and First Credit Union announced late February they also intend to explore a merger. Vancity is Canada's largest credit unions, serving 570,000 members and managing $36 billion in assets.
