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Caerphilly’s Smart Money Cymru Community Bank and Newport Credit Union are to merge.

The combined entity, which will continue to be called Smart Money Cymru, will be the largest organisation of its kind in Wales, offering financial services to more than 15,000 members across a branch network extending through the Valleys and into Mid Wales.

Smart Money Cymru’s chief executive Mark White said the merger will bring major benefits to Newport Credit Union’s existing members.

He said: “We are aiming to greatly expand the membership in Newport, who will find the city centre branch continues to provide a high level of personal service, as well as an extended offer of more technically advanced products for savers and borrowers alike.”

With support from Welsh Government, Smart Money Cymru has invested heavily in updating its financial technology and the merger will mean that Newport members will now have access to its phone app.

Smart Money Cymru has staffed branches in Caerphilly, Blackwood, Tredegar, Brecon, Llandrindod Wells and Aberdare.

Reg Smith, chair of Newport Credit Union added: “We’re excited at the prospect of joining forces with Smart Money Cymru Community Bank, which will create one of the leading credit unions in Wales.

“We are firmly on track to put our plans to the membership in early 2024, and it being 25 years since we started the union in Newport, this seems a fitting way to celebrate our achievements.”