Unity (credit union)
.jpg) Head office of Unity in Hastings | |
| Unity | |
| Type | Nonprofit organization |
| Industry | Financial services |
| Founded | 1971 (as Whakatu Freezing Works Employees’ Credit Union) |
| Headquarters | , |
Area served | New Zealand |
Key people |
|
| Products | Personal loans, term deposits, savings and transactional accounts, home loans |
| Website | unitymoney |
Unity is a New Zealand financial co-operative, with a head office in Hastings.
As of 2025[update], Unity was the second-largest of New Zealand's three credit unions.[1] As of 2026[update], it has eight branches located in Hastings, Lower Hutt, Napier, Waipukurau, Dunedin, Kawerau, Rotorua and Invercargill.[2]
History
[edit]Originally established in 1971 in Hawke's Bay as Whakatu Freezing Works Employees' Credit Union, it later became NZCU Baywide.[3]
In 2019, NZCU South, NZCU Central and Aotearoa Credit Union merged with NZCU Baywide.[4][5] The combined entity was rebranded as Unity Credit Union (trading as Unity) in 2021,[6] with its new head office in Hastings.[5]
As of 2026[update] the Chief Executive is Kevin Hughes, who was appointed to the role in April 2023.[7][8]
In 2024, Unity's credit rating was downgraded by Fitch Ratings to B. Fitch stated that it expected Unity's loan impairment charges to remain high, citing a softening New Zealand economy, higher unemployment, and Unity continuing to deal with older unsecured personal loans. Its asset base had decreased by $132 million and its membership declined by 15,000; in 2023, its return on assets was negative. In response, chief executive Kevin Hughes said that Unity had changed its strategy, and remained a viable business with forecasting showing a return to profitability.[5] In the 2024/2025 fiscal year, Unity reduced its losses to $8.2 million, down from $17.6 million the previous year.[1]
References
[edit]- 1 2 Milne, Jonathan (11 June 2025). "Foundations of next-gen 'banks' undermined by non-performing loans". Newsroom. Archived from the original on 12 November 2025. Retrieved 30 April 2026.
- ↑ "Contact". Unity. Retrieved 20 May 2026.
- ↑ "NZCU Baywide to merge with four others". NZ Herald. Retrieved 16 April 2026.
- ↑ South, Gill (21 March 2019). "Auckland fresh target for newly merged credit union". NBR | Business news & analysis | Independent, ad-free reporting. Retrieved 20 April 2026.
- 1 2 3 Milne, Jonathan (23 January 2024). "'We know what went wrong'– big NZ credit union in trouble". Newsroom. Archived from the original on 20 April 2026. Retrieved 30 April 2026.
- ↑ "NZCU Review (Auckland, Baywide, South and Steelsands)". MoneyHub NZ. Retrieved 16 April 2026.
- ↑ "Unity Credit Union Appoints Kevin Hughes As New Chief Executive | Scoop News". www.scoop.co.nz. Retrieved 16 April 2026.
- ↑ "Unity Credit Union appoints new chief executive". NBR | Business news & analysis | Independent, ad-free reporting. 16 January 2023. Retrieved 16 April 2026.