Martin Whitfield MSP has cut the ribbon at the official opening of Credit Union House, the new Edinburgh headquarters of community-owned bank Capital Credit Union (CCU).
Mr Whitfield joined CCU’s President Sonia Johnston and a range of the credit union’s friends, partners and supporters at the official opening of the HQ, which is located at Dunedin Street in the Broughton area of the capital.
Capital Credit Union (CCU) was established in 1989 and is one of the largest credit unions in the UK, with almost 26,000 members and assets of £45million. It serves the East of Scotland, including East Lothian and Edinburgh, offering a range of ethical financial services to members with the mission of helping people get into the habit of saving or accessing affordable loans.
As a financial co-operative, anyone who opens a savings account with CCU becomes a member of the credit union, giving them a vote in how things are done. Any profits are invested straight back into CCU to keep interest rates on loans and savings competitive.
Speaking after the opening, Martin Whitfield MSP said:
“With the ongoing cost-of-living crisis causing financial hardship for households across the country, the role of credit unions in our communities has never been more important. They offer affordable opportunities for people to save, borrow and manage their money with a community-owned bank that puts people before profit.
“Capital Credit Union undertakes great work in the East of Scotland, including the Lothians area, supporting individuals and having a positive impact in the communities it serves. I was very pleased to be asked to join them at this special event and cut the ribbon on the official opening of their new HQ.
“I’m sure CCU’s work will go from strength to strength in their new location and they will certainly continue to have my support both in parliament and in the South Scotland region.”
Marlene Shiels, CEO of Capital Credit Union, said:
“Our sincere thanks to Martin Whitfield for helping us mark another milestone in the CCU journey. A new home for our members, and a new resource for our local community. We look forward to welcoming everyone to Credit Union House.”