The number of credit unions in Jamaica has been reduced by one, following approval of the merger between COK/Sodality Cooperative Credit Union and Community & Workers of Jamaica Cooperative Credit Union [C&WJ] on December 1.
The name COK has been discontinued and the merged entity is known as Community & Workers of Jamaica Cooperative Credit Union.
The latest merger is the eighth within the credit union movement since 2010, which means Jamaica now has only 24 credit unions, with combined assets of $182.7 billion, or 5.6% of GDP.
Together, the credit unions have one million members, have issued loans valued at $125.4 billion and hold savings of $144 billion.
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