The Money Co-op has completed its merger with Metro Moneywise Credit Union, following a period of consultation, engagement and member voting.
Formally completed on 22 June, the merger creates an entity doubled in size and promises new opportunities to invest in technology, expand membership and strengthen support for members and employer partners across the UK.
The Money Co-op, formerly the Co-op Credit Union, was founded in Manchester in 1998 by, and for, employees of the Co-op Group and Co-operative Bank. Metro Moneywise Credit Union was established in 1990 through a partnership with Rochdale Council and went on to support workers across local government, health, education and social care, including NHS trusts across Greater Manchester.
Today, membership is open to people working in retail, co-operatives, charities, the NHS, health and social care, housing, education and local government, as well as Co-op members and members of Usdaw.
“This merger brings together two great organisations with shared values, to create an even stronger organisation that can reach more people, invest in new technology and offer more support to members and employers alike,” said Money Co-op CEO Ciara Davies.
Related: UK friendly societies plan merger to create £10bn mutual
“Our roots are firmly in the co-op movement, and our focus is very much on the future and how we can make saving, borrowing and financial wellbeing simpler and more accessible for the people we serve.”
Money Co-op chair Jim Stott added: “This merger was only possible because members of both organisations chose to support it. Their confidence in a shared future has enabled us to build a stronger credit union that remains firmly rooted in co-operative values while being better equipped to meet the needs of members in the years ahead”
“I’d like to thank the boards of both organisations, and particularly the former Money Co-op chair, David Fawell, for their shared vision and commitment to member benefits throughout this process. My thanks also go to both CEOs – Ciara Davies and Lisa Parry – and their teams for their hard work in delivering the merger and ensuring any impact on existing members was kept to a minimum.”
The enlarged organisation, which will trade as the Money Co-op, has introduced an expanded range of savings and loan products, alongside new member benefits and significant improvements to its digital services. It also continues to welcome enquiries from employers interested in offering workplace savings and affordable loans as a free employee benefit.
The Money Co-op said the merger “represents the next chapter in a story that began more than three decades ago. For the wider co-operative movement, it offers a practical example of co-operation in action, with members choosing to create something stronger together.”
