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Community Alliance Credit Union has been named Credit Union of the Year 2009 by leading financial publication Money magazine.
This prestigious award recognises the strength of the credit union across its whole range of products and services.
More than 19,000 financial products and services from more than 300 financial institutions were assessed by an independent panel of experts from financial researcher CANSTAR CANNEX to determine the award winners.
There were 10 category awards and three major awards - Credit Union of the Year, Building Society of the Year and Bank of the Year.
The major award winners had the highest aggregate score of the institutions competing in separate categories - meaning they are most likely to provide value for money, no matter what type of financial product or service consumers are looking for.
"Community Alliance Credit Union is a proudly member-based organisation with a long history of offering members a truly competitive alternative to the banks and these awards confirm this," said Community Alliance Chief Executive, Mike Halloran.
The Credit Union won its award on the strength of its brands - Illawarra Credit Union, Unicom Credit Union, Western City Credit Union and Shoalhaven Community Credit Union.
"Winning the Credit Union of the Year award was a great honour as it recognises the performance of the Credit Union across its entire operation. It is also great recognition of our multi-branded strategy," Mr Halloran said.
"Being a mutual organisation, we are totally focussed on the needs of our members and on providing them with the best value products and outstanding customer service, while also contributing to the local community. This award is an independent endorsement that we are achieving our aims."
Peter Arnold, financial analyst with Canstar Cannex agrees.
"Community Alliance Credit Union has gone from strength to strength since forming, by obtaining new members as well as benefiting from economies of scale in things like funding costs and product development," he said.
"It's a case of strength in numbers. There are some top products on offer from a wide range of credit unions; however Community Alliance's broad product suite with star performances in the all-important deposit and personal lending areas got them over the line."
Community Alliance Credit Union also won the Credit Card Issuer of the Year category.
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