Credit unions join forces to boost service delivery

Their pooling of resources took the form of a Memorandum of Understanding (MOU) signed at Hilton Trinidad last Wednesday. The two financial bodies, Canning’s Employees’ Credit Union (CECU) and TECU, which was formed 60 years ago by workers of the defunct Texaco Oil Company, have a combined membership of 25,000 throughout Trinidad and Tobago, and cumulative assets of $1 billion. During the MOU signing exercise, the CECU president, Emil de la Grenade, explained that in forming the alliance, everything was done in a professional manner, "proving that we are both committed to the principles of the co-operative movement, and hold dearly to the international prudential standards, as set by the vision of both organisations." He stressed that integrity, accountability and transparency are the key principles that will guide them in the months and years ahead, to come to propel the organisations to a new level in a most competitive financial environment.

He said TECU/CECU looks forward to broadening the opportunities of both organisations in the interest of the membership, and will continue to submit acceptable annual reports in accordance with the laws of Trinidad and Tobago.