Trio of Manitoba financial institutions could soon be merging

A trio of financial institutions in the province are exploring the idea of combining their operations and creating a new credit union in Manitoba.

On Wednesday, Assiniboine Credit Union, Caisse Financial Group and Westoba Credit Union announced that they are exploring the idea of joining forces.

According to Crystal Laborero, the board chair for Assiniboine Credit Union, this merger could be beneficial as financial institutions are facing increased competition, member needs, technology investments, and a challenging economic environment.

“We are exploring whether together as one credit union, we could be stronger and better positioned to address these opportunities and challenges,” she said in a news release.

The three institutions have begun the exploration process, and are evaluating each other’s operations. This way they can ensure the potential new credit union will begin operations in a financially strong position.

“The decision on whether to come together as one will be guided by the question, is this collaboration in the best interests of our members, employees and communities,” said Garnet McBurney, board chair of the Westoba Credit Union,

“This includes a commitment to ensuring our values guide our decision making, and continuing to support the communities that make the partners who we are today – Manitoba’s rural, agriculture-based, urban, and French communities.”

Throughout the process, the institutions will consult with employees, members and communities to see what they want from their financial service provider.

If the process results in all three boards recommending a merger then regulatory and membership approval will be sought.