Smart Money Cymru in merger with Plaid Cymru Credit Union

Monday 15 January 2024

A leading South Wales Valleys Credit Union has expanded its membership by merging with the Plaid Cymru Credit Union (PCCU).

Caerphilly-headquartered Smart Money Cymru (SMCCU) was specifically chosen by the smaller Undeb Credyd Plaid Cymru Credit Union as a new home for its membership.

Welcoming the new members, CEO of Smart Money Cymru, Mark White said the Credit Union is delighted to have been chosen as the merger partner.

This follows a similar merger in July of the Islwyn Credit Union with Smart Money Cymru. “We’re very pleased that the Plaid Cymru Credit Union decided to come to us when looking for a merger partner,” said Mr White.

Stuart Fisher, Director of Undeb Credyd Plaid Cymru Credit Union, said “We could have approached any credit union in Wales to propose a merger, but in Smart Money Cymru we chose a forward-thinking, progressive, modern and highly professional credit union for the benefit of our members.”

Mr Fisher explained that Smart Money Cymru’s range of services and products were attractive to the smaller credit union, in particular its move to offering more digital solutions for its members.

Smart Money Cymru has just celebrated 30 years of serving the community. In that time it has grown into a sophisticated organisation offering a wide variety of financial services to individuals, businesses and charities.

Credit unions, said Mr White, played an important, but sometimes undervalued role in communities. “The credit union philosophy is to be financially sympathetic to its members and offer fair and reasonable access to finance and financial services where we can.”

PCCU was also attracted to Smart Money Cymru’s commitment to playing a key role in social and regeneration through the presence of its three town centre branches – in Caerphilly, Tredegar and Blackwood – and its plan to continue expanding its face-to-face services alongside online solutions.

A total of 309 members have now transferred from the Plaid Cymru Credit Union and joined the 6,000 strong membership of SMCCU.