by Julie Wilson

THE COUNTRY'S largest credit union, Barbados Public Workers' Co-operative Credit Union (BPWCCUL), is on the verge of taking over a smaller credit union.

Directors and members of the St George Co-operative Credit Union Limited will be meeting shortly to formally ratify the transfer of its $88 000 in assets to BPWCCUL.

Members of the Public Workers' Co-operative voted in favour of a proposal to accept the transfer of assets during a special general meeting on January 30 at the credit union's Harcourt Lewis Training Centre.

The transaction would then be subject to final approval by the Registrar of Co-operatives.

According to an official release issued by BPWCCUL, this was the first step in a process which, subject to regulatory approval, would ultimately result in the Public Workers' credit union accepting the assets, liabilities and members of the St George Co-operative Credit Union.

The island's largest credit union, with assets of $470 million and 58 000 members, said the St George credit union would soon wind up its operations after serving the community since 1989.

Keith Bourne, BPWCCUL's manager of business development and planning, said the Barbados Public Workers' Co-operative was approached by officials of the St George credit union about the transfer of assets and readily agreed, since it meant their members would remain within the credit union fraternity and have greater access to a wide range of financial products and services.