DUBLIN, Ireland–Twelve of Ireland’s largest credit unions are significantly expanding services to members through an agreement with Irish Life Financial Services to include financial advising, including in areas such as pensions and investments.
The credit unions, already part of the Metamo joint venture with Fexco, are expanding the range of financial services available to their 430,000 members by referring them to Irish Life Financial Services in-branch and online, the Independent reported.
The agreement will cover the full range of Irish Life services.
“Credit unions play an absolutely unique role in bringing financial services into the heart of local communities, and we are hugely excited to announce this partnership,” Metamo CEO Alan Kelly told the Independent.
The agreement between Metamo and Irish Life will ideally help members have a better picture of their financial requirements, the organization said. Plans call for expanding the scheme to other Metamo unions. It will also be available to those not part of Metamo.
Joint Venture
Founded in 2019, Metamo is a joint venture between 16 of Ireland’s largest credit unions and financial services firm Fexco. Metamo is focused on strengthening credit unions through helping them develop new products, becoming stronger through collective scale, and providing expertise, according to the Independent.
The publication noted the 16 credit unions in Metamo represent more than 550,000 members and have combined assets of just below €4 billion – equivalent to 20 % of the assets in all of Ireland’s credit unions.
Irish Life Financial Services is an insurance intermediary that can review investment needs. It offers full financial reviews with its advisers.