London credit union welcomed to Newham

Back left to right: LCCU Director Stephen Backes, LCCU Manager Colin Eddy, LCCU member Paul Nailor,

Back left to right: LCCU Director Stephen Backes, LCCU Manager Colin Eddy, LCCU member Paul Nailor, LCCU Director Secretary Grenville Bingham, Sir Robin Wales. Front leftl to right: Cllr Frances Clarke and LCCU member Maria Roberts. - Credit: Archant

A capital-wide credit union has expanded into the borough, taking over former Newham-based union NewCred.

The merger means that NewCred’s 5,500 members will bring London Community Credit Union (LCCU) total membership to more than 14,000, making it one of the largest credit unions in London.

Taking over staff and premises, LCCU were welcomed into the borough by Mayor Sir Robin Wales and Cllr Frances Clarke, cabinet member for financial inclusion and health promotion, who visited their Water Lane branch in Stratford.

The council agreed a £600,000 loan to LCCU to ensure all 5,500 NewCred customers transferred across.

Sir Robin Wales, Mayor of Newham expressed his pride at launching the new partnership.

“The government’s welfare reforms are hitting families in Newham hard so I want to do all I can to help them manage,” he said. “Working together, we can help residents on low incomes get a fair deal to help them change their lives and become more financially independent.”

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