St Hill: CMFC purchase signals new era.
THE Barbados Public Workers’ Co-operative Credit Union’s (BPWCCUL) acquisition of CLICO Mortgage and Finance Company (CMFC) represents “a foot in the door” for local and regional credit unions.And according to BPWCCUL vice-president Dean St Hill, consequently, the daymay not be far off whenco-operatives couldoffer credit card and remittance services.He told BARBADOS BUSINESS AUTHORITY the takeover had changed the complexionof the movement for the better,providing it with a strategic partner.He said the credit union now has access to the regional market and can expand into mutual funds.“It also provides platforms for Government’s housing initiatives.“One must always be cognisantof Government’s overall policy,”St Hill noted. The vice-president said the opportunity had arisen for the average person to play a direct role in the business side of banking.He added that the acquisition has usheredin a new era which will provide high quality service to the wider regional movement.St Hill noted that BPWCCUL was congratulated, during the 53rd annual international convention and 39th annual general meetingof the Caribbean Confederation of Credit Unions in St Maartenlast month, foracquiring CMFC. He said credit unions became a safe haven during challenging economic times and the movementhad seen strong growth led by the larger co-operatives.He said that overall, the lingering problem of delinquency has increased by small percentages but has been offset by an increase in the collections of larger credit unions.“There has been a significant increase in the level of loans and savings, which is expected since people are more comfortable with the credit union.“They feel a part of it and knowthe credit union will work withthem,” he said. (NB)