Published Date:
29/06/2006

Ultradata Completes Successful Merger of Sydney Credit Union & Pinnacle Credit Union

In June 2005, Pinnacle Credit Union and Sydney Credit Union made the strategic decision to merge their businesses.

Sydney Credit Union provided retail banking solutions for the Sydney and Parkes community and held a membership base of 25,000 and assets of $180 million.

Pinnacle Credit Union, also community-based and located within Sydney’s inner west, had members totalling 4,500 and assets of $27 million, providing retail banking solutions using the CorvisFCS product.

This represented a great opportunity to expand Sydney Credit Unions’ business base beyond the existing 8 branches within the CBD & metropolitan area of Sydney.

The Merger

With the Transfer of Engagements approved, Ashley Jennings, General Manager of Sydney Credit Union, contacted Ultradata to instigate a project to merge these credit unions. This project required Ultradata and Sydney Credit Union to work closely and in partnership to achieve the project goals.

Client’s Comments

“Ultradata worked effectively to provide a seamless conversion with minimal membership disruption and their project team provided exceptional working knowledge of our environment. The conversion exceeded all expectations, with Sydney Credit Union now providing the members of Pinnacle Credit Union with a broader product and service range, wider branch access and contingency into the future.”

Ashley Jennings - General Manager of Sydney Credit Union