TORONTO, Ont. and VANCOUVER, B.C. — Credit Union Central of British Columbia and Credit Union Central of Ontario said Friday that they have again postponed a merger that has been in the works for more than a year.
The merger is now expected to close by July 1, 2008, subject to certain approvals, the centrals said. On Sept. 21, the centrals announced that the original planned closing date for the transaction had been extended to year-end from Oct. 1, owing to valuation issues in the non-bank asset-backed commercial paper market.
The latest postponement has to do with measures to restructure the market for Canadian non-bank ABCP, which are under way and involve a national committee of financial institutions, pension funds and corporate investors. That initiative now is expected to continue into next year.
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"We are eager to proceed with the merger," said Daniel Burns, chairperson of B.C. Central. "However, we recognize that the valuation issue must be settled, and that is going to take more time than first anticipated."
The two centrals announced merger plans on Oct. 6, 2006. Combined, the two would create a $7.4 billion central representing more than 200 credit unions that serve 2.7 million members.
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