Sixteen credit unions have teamed up with Fexco in a joint venture which will provide more financial products to credit union members.
The Metamo joint venture is a 50/50 arrangement between 16 investing credit unions, incorporated under the name MetaCU and Fexco, one of Ireland’s largest financial services companies. The MetaCU credit unions have more than 480,000 members and combined assets that exceed €3 billion.
The joint venture aims to increase the viability and sustainability of the 16 credit unions by providing a more complete range of financial products, including enhanced lending capabilities.
The first phase will see Fexco and the MetaCU group collaborate to identify and develop suitable products and solutions. Metamo will then offer these solutions to other credit unions that are not part of the joint venture, in order to support the continued development of the sector.
MetaCU chairman Joe O’Toole said: “Metamo will deliver new income streams and improved processes for the investing credit unions and has the potential to transform the entire sector. The multi-million euro investment by the credit unions and Fexco in the establishment of Metamo is a significant vote of confidence in the future of these credit unions.”
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Fexco chief executive Denis McCarthy added: “Participating in Metamo allows Fexco to leverage two of our key strengths, strategic investment and new product development. Like the credit unions, Fexco understands the value of supporting local communities, indeed we remain loyal to Killorglin where the company was first founded, employing close to 1,000 staff there today.
“We enjoy a longstanding relationship with the credit union sector in Ireland having provided foreign exchange services to them for over two decades.”
Metamo is based in Kerry with offices in Dublin. The company is actively recruiting a senior management team, having recently appointed Neil Hosty as chief executive.
Photo (l-r): Joe O’Toole, Fexco CEO Denis McCarthy, finance minister Paschal Donohoe and Claire Lawton of St Canice’s Credit Union Kilkenny. (Pix: Jason Clarke)
