FSRA receives application for reduction of stated capital from United Employees Credit Union Limited

United Employees Credit Union Limited (“United Employees”) has applied to the Financial Services Regulatory Authority of Ontario to reduce its stated capital under section 64 of the Credit Unions and Caisses Populaires Act (the “Act”) in order to complete a merger transaction with DUCA Financial Services Credit Union Ltd. (“DUCA”).

Following the reduction of United Employees’ stated capital, both credit unions will have the same minimum membership share requirements, which is necessary to facilitate United Employees’ members joining DUCA.

This change will occur on the closing date of the merger transaction, December 20th, 2023 and consequently does not impact United Employees’ compliance with capital requirements.

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