KINGSTON, Jamaica–Community and Workers of Jamaica (C&WJ) Co-operative Credit Union is about to become the largest credit union in this country by assets following its merger with the St Elizabeth Co-operative Credit Union (STECCU).
Carlton Barclay, CEO of Co-operative Credit Union, told the Jamaica Gleaner the credit union is in growth mode and that the merger with STECCU would allow it to fill a gap that existed in the southwestern section of the island.
"In terms of serving the membership between Westmoreland and Manchester, there was a gap," he told the Gleaner in explaining the rationale for the merger with STECCU.
After the merger, C&WJ Co-operative Credit Union will have more than $15 billion in assets under management.
Barclay said that mergers represented the best option for C&WJ Credit Union to expand its product offerings and branch network across the island while strengthening its asset base to allow it to remain in the market and compete with the larger financial institutions, as well as micro-loan outfits.
The credit union has approximately 90,000 members.