A merger between two of B.C.’s biggest credit unions may be on the horizon.
Vancouver City Savings Credit Union and First Credit Union announced Thursday the two intend to explore a merger.
The press release said First Credit Union members and employees, which are primarily located in smaller communities across B.C.’s coast, will be able to access Vancity’s network of more than 50 branches in the Lower Mainland and Victoria.
Vancity is serves 570,000 members and manages $36 billion in assets.
The Royal Bank of Canada (TSX:RY) closed a deal last year to acquire Vancouver-based HSBC Bank Canada for $13.5 billion – one of the biggest banking deals in Canadian history.
With files from Glen Korstrom
