New Penrose Branch

Two Credit Unions demonstrate the power of being a “cooperative”


New Zealand’s largest credit union, First Credit Union and Credit Union Auckland come together to share premises and change the New Zealand Credit Union landscape.

First Credit Union (FCU) and Credit Union Auckland (CUA) announced that from today, 24 October, they will be sharing Credit Union Auckland’s Penrose branch.

FCU, with close to 60,000 members and $460M in assets is New Zealand’s largest Credit Union.

Chief Executive, Simon Scott, said that co-sharing a branch with Credit Union Auckland offers benefits to both sets of members and reflects the cooperative spirit that underpins the worldwide credit union movement.

The decision to share a branch with Credit Union Auckland was a ‘no brainer’ for Simon, “We see this as an opportunity to better serve our Auckland members, at a great location, with plenty of carparking facilities- something that is hard to come by in Auckland.”

Rudolf Laumatia, Credit Union Auckland’s General Manager said he and his team “are looking forward to working alongside FCU to make the branch a welcoming space for both sets of members.”

Simon said “Sharing a branch is nothing new within the Credit Union movement. Many of our global peers- particularly in the USA have been co-sharing branches, and from all accounts it seems to work well.”

The new shared branch will also make it easier for FCU to serve the members from the Fisher and Paykel Credit Union, which transferred to First Credit Union on 1 October – with the F&P Appliances site close by, and a dedicated branch for F&P Members on the F&P Healthcare site in Highbrook (access is only to F&P Employees).

To find out more about FCU or CUA, visit them at 956 Great South Road, Penrose or visit and