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Credit unions announce successful collaboration
Following the success of recent collaborative efforts including risk management and wealth management, between East Kootenay Community, Grand Forks & District and Nelson & District Credit Unions, the three are excited to announce a new partnership allowing their respective credit union business members access to enhanced commercial and consumer credit expertise in their communities.
A new shared commercial service managed by their subsidiary, Kootenay Risk Services (KRS), will allow each credit union the opportunity to expand on the current resources available to their small and medium business members. This commitment aligns with the Canadian credit union systems business owner strategy, called CBOS, which suggests business owners are looking for a deeper understanding and more meaningful relationship from their financial institution.
Ken Lo has been appointed to the position of Vice President, Commercial Services and Credit at KRS. Ken brings with him 15 years of proven management and leadership skills in the financial services industry, specializing in the areas of corporate finance, commercial and retail banking, credit risk management and credit adjudication as Director of Corporate Finance with BMO.
“Ken will bring to our organizations and business members a skill set not often found within small to medium sized credit unions,” said Jody Burk, CEO of East Kootenay Community Credit Union. “We are very excited to have Ken continue to build on the talented team we all have at our credit unions so that our business members continue to grow and succeed.”
Ken was responsible for sales, origination and management of one of BMO’s largest and most diversified corporate finance loan portfolios. Ken has a Bachelor of Commerce degree and a Masters of Business Education (MBA) both from UBC, is a Chartered Financial Analyst (CFA) and also an Overseas Scholar from Keio University.
“Kootenay Risk’s shared management service model is a response by four credit unions to find a collaborative solution that enables us to continue to meet our members’ needs and regulatory and compliance requirements while managing expenses,” stated Kelly Thomas, Chair of KRS and CEO of Grand Forks & District Credit Union, he went on to say, “we believe credit union collaboration is key to our long term success and independence”.
Their collaboration expands beyond KRS and involves wealth management services offered through their wealth subsidiary, MoneyWorks.
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