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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email: info@credit-union.coop

Wed 16-Aug-2017
NewsInternational recognition for council and credit union
Print
22 July 2016
International recognition for council and credit union

Islington Council’s work in support of its local credit union has gained international recognition as it hosted a group of senior managers from Singapore.

The group from the Singapore National Co-operative Federation was greeted by the Leader of Islington Council, Councillor Richard Watts, at Islington Town Hall, before visiting the offices of the credit union in Archway.

The delegation met with representatives from Islington Council and London Capital Credit Union at the Town Hall and heard how the council had supported London Capital Credit Union to become the success it now is and how this benefits residents across the borough.

The group then visited the credit union to speak directly with members and staff about the credit union’s mission and the way it encourages saving and responsible lending to residents in Islington and beyond.

Cllr Watts said: “These are difficult times for hard pressed families in Islington and beyond, as many people deal with the rising cost of living.

“Multiple loans from payday lenders are a pathway to deeper poverty, and the council has taken action to support residents to avoid getting into problem debt.

“Part of this work has been to support London Capital Credit Union, as an accessible and affordable way for people to deal with their finances.

“I am very pleased to be supporting this organisation and the excellent work it does in Islington.“

Islington Council supported London Capital Credit Union with a one-off grant of £250,000 and provides annual revenue support funding of £25,000.

Martin Groombridge, Chief Executive of London Capital Credit Union, said: “Credit unions are an ethical alternative to banks and other high street lenders and their way of working is designed to benefit all members.

“We are always pleased to be able to share our knowledge with others around the world and we enjoyed meeting the delegation from Singapore and welcoming them to London, and to Islington in particular.”

Credit unions in Britain have been growing consistently over the past few years as they become better known and they now have almost 1.3 million members across the country.

Added Martin Groombridge: “Over the last ten years, London Capital Credit Union has seen a huge 1,400% increase in members’ savings from £436,000 to over £6 million. And as a co-operative, we are proud that London Capital Credit Union is owned and controlled by its members – not outside shareholders.”

The photo shows (from left to right): Ms Dolly Goh, Chief Executive of the Singaporean National Co-operative Federation, Cllr Richard Watts, Leader of Islington Council, and Martin Groombridge, Chief Executive of London Capital Credit Union. 


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