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Credit unions could merge

Proposed legislation in Nova Scotia would allow credit unions in Atlantic Canada to merge under a centralized system.

Proposed legislation in Nova Scotia would allow credit unions in Atlantic Canada to merge under a centralized system.

Finance Minister Graham Steele says amendments to the Credit Union Act will allow Credit Union Central of Nova Scotia to become Atlantic Central and acquire its counterparts in New Brunswick and Prince Edward Island.

Steele says the goal is to create a stronger system through a larger and more cost-effective trade association.

Steele says the new association is contingent on similar legislation being passed in New Brunswick and P.E.I.

Credit unions in Newfoundland are already part of the Nova Scotia central.

 
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