C&WJCCU plans J$60m upgrade after approval of second merger

Members of the Communications and other Workers of Jamaica Co-operative Credit Union Limited (C&WJCCU) have approved the deal to acquire and merge with the Clarendon co-operative.

"We got an overwhelming response with only one abstention," C&WJCCU head Barry White said. The vote was held in Kingston on January 6.

A 75 per cent majority was required for the merger to take effect.

White said approximately 185 of 200 members, 92 per cent, at the meeting voted for the deal.

This merger will be the second for C&WJCCU, which acquired Marine and Allied Co-operative Credit Union last November.

White said he will invest close to J$60 million to introduce new technology and retrofit the Clarendon Co-operative Credit Union branches.

"We will now have to reissue cards, give the branch offices the same look and feel as C&WJCCU, and reorganise to have the same delivery throughout," he said.

"We also have to ensure that the IT infrastructure is robust enough and can accommodate seamless communication across the branch network."

Clarendon's four offices will grow the C&WJCCU network to 10; boost the company's asset base by J$1 billion in assets; and grow membership to around 40,000 from the current 17,000.

The acquisition also position White's outfit as the No 3 credit union with assets of J$4.3 billion.

C&WJCCU last year also invested some J$10 million in upgrading after its acquisition of Marine and Allied.

sabrina.gordon@gleanerjm.com