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.
A donation of £10, 000 to London Capital Credit Union will help bring affordable loans to those in the shadow of the City of London’s financial centre.
Linklaters, a leading global law firm, has made the donation to help spread the word about credit unions and affordable credit. The donation is part of Linklaters’ commitment to making a positive impact on the neighbourhoods they operate in and providing business support to marginalised communities in areas around their offices.
Speaking about the donation, Martin Groombridge, Manager at London Capital Credit Union (LCCU), said: “As a community based financial organisation we are always keen to work with others to help bring our services to more people in need of debt advice and affordable credit.
“We will be using this donation to promote the credit union to many more people in the communities in which we operate, helping to bring affordable financial services to those who need them and keeping people out of the clutches of payday lenders and loan sharks.”
Matt Sparkes, Global Head of Corporate Responsibility at Linklaters, said: “As a Living Wage employer, we recognise the importance of ensuring all of our people can maintain a good quality of life. Our investment in LCCU strengthens this commitment by enabling them and others to borrow at fair rates and with a lender who is focused on their wellbeing. We would urge other businesses to also show that they want the best for local people and so invest in this important initiative.”
To find out more about becoming a member of London Capital Credit Union, please visit www.credit-union.coop.