NZACU name change

The industry association representing co-operatively owned credit unions and building societies, the New Zealand Association of Credit Unions (NZACU) is to change its name to Co-op Money NZ from mid-July.

Chief executive Henry Lynch says the change to its trading name will help NZACU better represent the co-operative nature of its members, which includes building societies as well as credit unions.

"We currently represent 22 co-operatively owned credit unions and mutual building societies throughout New Zealand, who help people sort out their money worries," Lynch said. "Our member credit unions and building societies serve their local communities by providing modern products and services everyone expects in today's market, like debit cards, internet banking and mobile banking apps. Our members are worth over $1.3 billion in assets, and serving over 205,000 members who are cooperative owners."