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There are no plans for rationalisation of the branch network just yet, as the new Infiniti Co-operative Credit Union Jamaica Limited, the product of a merger between EduCom and Gateway credit unions, gets settled, according to its new head.
Camille Drummond, the former acting CEO of EduCom, was appointed as the CEO of the merged entity, while Ornell Bedasse, the long-time CEO of Gateway, opted for retirement in December 2024.
Infiniti was formally launched on Tuesday with Prime Minister Dr Andrew Holness delivering a message to all credit unions to back business ventures and for education loans to be utilised for upskilling the young in an age driven by advances in technology.
The merged credit union sports thirteen branches, some of which might be superfluous. For instance, Drummond said although there are now three branches in Montego Bay, two from the former Gateway and one from EduCom, the timelines within which Infiniti could act to close down any of them are constrained by the regulations governing co-operatives.
“The registrar has instructed us that we need to at least give a 60-day notice for rationalisation of any branch location. So; no immediate plans at this time. There has been a lot going on, trying to get settled, policies, procedures, just the business operations settled first, before we even consider rationalization of branches,” Drummond told the Financial Gleaner at the official launch of Infiniti on Tuesday.
Having taken effect February 1, the merged entity has an asset base of $31.56 billion and membership of 178,000, making Infiniti the second largest credit union behind C&WJ Co-operative Credit Union with 400,000 members. The new entity also sports a new logo that was developed internally. It is a stylised representation of the infinity mathematical symbol with what appears to be a strong person helping someone obviously smaller.
Both credit unions were products of previous mergers. EduCom evolved from the combination of Association of Assistant Masters and Mistresses, better known as AAMM Co-operative, and the UWI Mona and Community Co-operative Credit Union. EduCom then expanded as it merged with St Catherine Co-operative Credit Union Limited, having acquired their operations on January 1, 2017.
Meanwhile, the unification of the Hanover Co-operative and Montego Co-operative credit unions gave birth to Gateway Co-operative Credit Union on January 3, 2017.
Drummond says from the start of the merger process in 2024, that led to the creation of Infiniti, a team drawn from both credit unions was focused on assessing how best to serve the expanded lending institution that would emerge.
“That not only included the people, but also the products and services that were really considered from our members’ perspective to be … the best for Infiniti,” Drummond said.
In the lead up to the merger, Drummond said there was a significant boost in Gateway’s loan portfolio, and that Infiniti was expected deliver even better possibilities.
“What we want to ensure is financial sustainability going forward. There are no liquidity concerns at this time, and what we’re focused on right now is value to our members, and impacting the lives of many more Jamaicans,” Drummond said.
Keynote speaker PM Holness noted at the launch that over the past decade, credit unions have played a part in the doubling of the number of cars on the road through the loans on offer. However, the PM noted that he wanted to see more credit union loans going towards business. Those who borrow for educational purposes should continue to do so, he added, but should also look more towards upskilling in an age where more and more tasks are being taken over by artificial intelligence.
“Borrow to upskill, because, believe me when I tell you, on the horizon is a major change in how work is done,” Holness remarked.
In the era of artificial intelligence and the cyber-physical, young professionals should turn further away from skills that have been replaced by technology and get into areas where they have to direct technology or create technology, the PM advised.
English (US) ·