Progressive Credit Union and Drogheda Credit Union are in preliminary discussions to merge, potentially forming Ireland's largest credit union with an asset size of €615 million and 120,000 members. This move aligns with government initiatives to consolidate credit unions, enhancing their capacity to compete in the mortgage sector. By standardizing interest rates for their upcoming joint mortgage products, the partnership aims to strengthen consumer offerings against traditional banks. The merger discussions, still in early stages and pending Central Bank approval, may also involve Drogheda partnering with Slane Credit Union.
Chief Executive of Drogheda Credit Union, Tom Kiely, stated the discussions aim to transfer engagements between the two credit unions, ultimately creating a 'super credit union'.
Sean Staunton, chief executive of Progressive, emphasized the potential benefits of the merger, highlighting its anticipated impact on the mortgage market and the creation of a standardized mortgage product.
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