Two Gwent-based banking firms are urging members to join their consultation, which comes as traditional banks withdraw from local communities.

Newport Credit Union and Smart Money Cymru Community Bank are set to merge to create what they are calling 'a new super credit union', as traditional bank branches close across the UK high streets.

Mark White, CEO of Smart Money Cymru, said the move will "bring major benefits to members of Newport CU."

Mr White added that the aim of the merge is to "expand the membership in Newport" as "the city-centre branch continues to provide a high level of personal service, as well as an extended offer of more technically advanced products for savers and borrowers alike."

The merging companies have said the culture, premises and staff at Newport (Credit Union) will be retained. The entity will sit under Smart Money Cymru and hopes to improve the local community.

Reg Smith, Chair of Newport Credit Union commented: "We are firmly on track to put our plans to the Membership in early 2024, and it being 25 years since we started the Union in Newport, this seems a fitting way to celebrate our achievements."

Newport Credit Union and Smart Money Cymru jointly employ 26 people as well as having the services of volunteers, and the new arrangements will mean job security for all as well as enhanced training and career prospects.

A special general meeting will go ahead online on Monday, March 11, 2024 at 5.30pm via Zoom. 

Members that would like to attend are advised to send an email to info@newportcreditunion.co.uk by Friday, March 8 so that a virtual link and correlating documents can be sent over, ahead of the meeting.

Smart Money Cymru has staffed branches in Caerphilly, Blackwood, Tredegar, Brecon, Llandrindod Wells and Aberdare, while Newport Credit Union is located Skinner Street in Newport.