Scottish credit union ranked top five in Europe
Published by Glasgow Credit Union on Thu 21 Jun 12 @ 11:50
Local financial organisation Glasgow Credit Union has become the first UK credit union to reach £100 million in assets this week. The landmark ranks the Glasgow based outfit as one of the largest and most successful credit unions in Europe.
Chiefs from the credit union have been meeting with leaders from the local City Council and Scottish Parliament to discuss how their success could be emulated throughout Scotland.
Since 1989 the credit union has lent over £300million to members, rewarded savers with an average 5.00% annual dividend, totalling £23million and now services 30,000 people within the G postcode area. New Chief Executive, June Walker attributes the credit union's success to their model of providing a suite of products to all members of the community, not just the financially excluded, coupled with attention to detail when it comes to customer service.
Walker said: "The credit union is socially minded and Glasgow focused. Our offer of an ethical, inclusive brand of financial services provided with great customer service is bucking the wider economic trend by continued growth, with membership almost doubling over the past five years.
Councillor Gordon Matheson, Leader of Glasgow City Council, said: "Credit unions are a great way for people to save their money simply and safely and to obtain low interest rate loans. Having been a member of Glasgow Credit Union myself since 2003, its service and focus on customers and their needs is second to none."
Walker expands: "Our customers aren't just our customers - they're members of an exclusive organisation that exists primarily to provide them with financial services and to share any profit we make with them."
Glasgow Credit Union is a mutual financial organisation. Larger than some building societies on the high street, it offers savings, loans, mortgages and other financial services to people living or working in the 'G' postcode area. Profits are shared annually between members. All companies operating from within a G postcode can become an employer partner, offering their employees access to the credit union via their salary as a no cost staff benefit.