Members of Radio Taxis (London) Credit Union have unanimously voted to merge their credit union with London Capital Credit Union.

The merger will see the formation of an enlarged organisation with some 11, 000 members and £7m of assets.

Speaking about the decision Gordon Brown of Radio Taxis Credit Union said: “There is a greater need than ever for a more ethical source of financial services. People are still paying too much for borrowing and being discouraged from saving. This merger will make a larger and stronger Credit Union that will better serve many more thousands of people in years to come.”

Martin Groombridge, Chief Executive at London Capital Credit Union welcomed the vote. “We are very pleased to be welcoming the members of Radio Taxis Credit Union to London Capital and we are already looking forward to offering their members the full range of our products including our full online service.”

Radio Taxis Credit Union was set up to help London taxi drivers and their families get access to affordable credit and secure savings. Says Martin: “As a member-owned financial co-operative we offer all our members affordable credit and advice to help reduce debts and we welcome the opportunity to offer this to our new members.”

Martin added: “Credit unions across the UK are dedicated to serving the needs of their members and we are proud to be offering an alternative to the High Street banks and rip off rates charged by payday lenders and many other finance providers across London.”

Find out more at www.credit-union.coop.