Through boom and bust, BK has continued to help keep us profitable and they are a great source of positive encouragement. Nothing is too much trouble. I would recommend BK without hesitation to anyone in business or thinking of starting a business – BK is a firm of accountants who are professional, knowledgeable, experienced and who will go the extra mile.
Due Diligence & Mergers
Perhaps the most significant change that has occurred in the credit union movement in recent years has been the recognition that the very localised nature of individual credit unions envisaged at the outset of the movement in the 1950’s, may no longer be the most suitable or sustainable model for many. As a result, more and more credit unions have looked to merge or form alliances with others in their region.
We can assist credit unions in assessing whether this is a viable option, helping to identify possible synergies and savings, bringing our extensive commercial experience and expertise to bear, while always being conscious of the requirement of a ‘fit’ being achieved, both culturally and commercially.
Due diligence refers to the top-down evaluation of a credit union, carried out as a pre-requisite of any merger. We assess all aspects of the credit union including financials, assets, personnel, management and internal procedures and processes. The aim of this exercise is to identify possible areas of concern prior to any merger taking place and advising on how these need to be addressed.
The formal merger of credit unions is subject to regulatory approval and scrutiny. We can guide credit unions through this process and assist in ensuring compliance with the various requirements at each stage.