Demutualisation

Ubbquittious

Is this the ultimate fate of our Credit Unions? I see they are expanding their range of services and nipping at the toes of the real banks and I see this as a good thing and probably necessary for their survival.

But in other countries where they had similar arrangements the management of the said credit unions get too big for their boots and start to slowly marginalise the traditional 'joe soap' shareholder/customer. Then they head down the track of slowly becoming a for profit entity and get listed on the stock exchange.

An example would be Halifax in the UK. Once an organisation to help normal folk gain a roof over their head, now a ruthless banking megacorp with tall glass buildings with suited overweight lads with S class Mercedeses milling around the top floor and talking in corporate **** speak before jetting off to some place to meet other fatcats of the banking cartel.

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I see them going the same route as most Building Societies.


The ethos of CUs seems to be changing and one would wonder if the trustees of most are equipped to, basically, run a bank.


We need a challenger to the big banks but I don't know if Credit Unions will fit that particular bill.