Credit unions join forces in merger

Two credit unions based in Caerphilly County Borough have joined forces in a merger.

Smart Money Cymru, which has a branch on Cardiff Road in Caerphilly, as well as in Tredegar, has merged with Islwyn Credit Union, which has a branch in Blackwood.

As a result of the merger, Islwyn Credit Union will be rebranded as Smart Money Cymru.

Mark White, CEO of Smart Money Cymru, expressed his delight at the merger and said: “Members in Islwyn will now have more offices they can use, improved opening hours and a wider range of financial services at their fingertips.”

In total, the expanded credit union will have 6,000 members, who will be able to access the branches in Caerphilly and Blackwood, as well as Tredegar.

Mr White added: “Credit unions offer a much wider range of financial services than many people expect. The credit union philosophy is to be financially sympathetic to its members and offer fair and reasonable access to finance and financial services where we can.

“We have a broader, more sympathetic policy which looks at the individual circumstances of potential borrowers. We don’t base our lending decisions on credit ratings alone, but on a wider financial picture.

“We are looking forward to offering an enhanced service to the members in Islwyn and to continuing to serve other members throughout the area.”