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Jamaican CUs Merge


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Jamaican CUs Merge

The Community& Workers of Jamaica Cooperative Credit Union Ltd. acquired National Water CommissionCooperative Credit Union Ltd., effective Oct. 1, The (Jamaica) Gleaner reported.

The resultingentity has approximately 80,000 members served by 18 branches throughout the island,according to a Community & Workers press release.

National WaterGeneral Manager Herbert Duval said a merger had been on the bank's radar for aboutfive years, as it navigated regulatory limits and a market with unregulated rivalsthat "made it a little bit more difficult for us to compete," The Gleaner quoted him saying.

National Water'sMandeville and Montego Bay branches were closed post-merger, while branches in PortMaria, St. Mary, Eureka Road and Marescaux Road, Kingston have been rebranded asCommunity & Workers.