NZ Association of Credit Unions Statement

PRESS RELEASE

TUESDAY, 03 JULY 2007, AUCKLAND. The CU Group, a financial services group, backed by the New Zealand Association of Credit Unions has announced that it is in the process of acquiring the total shareholding of Pioneer Insurance Co. Ltd.

Pioneer Insurance currently underwrites Credit Union Insurance’s products and Credit Union customers make up almost forty percent of their business. The CU Group has been a major investor of Pioneer Insurance over the past few years and believes it is timely to acquire Pioneer.

Doug McLaren, spokesperson for the CU Group says, “In conducting due diligence, we have found Pioneer to be viable company with potential for growth. The CU Group’s acquisition of Pioneer will ensure that customers continue to receive quality insurance products and the high level of service they have come to expect of Pioneer.”

Mr McLaren also adds that the CU Group is very pleased that Rob Elvidge will continue as Pioneer’s Managing Director. They have every confidence that Mr Elvidge and his team will continue the excellent job they have done in servicing and supporting Pioneer’s 17000 customers.

Pioneer is one of the few insurance companies that have invested in technology driven solutions to benefit their customers and ensure effective delivery of their products. The Association also adopts a similar strategy in developing affordable and innovative technology driven products. The Association has been involved in the banking and insurance business for 45 years.

New Zealand Association of Credit Unions

The Association was established in 1961 as the Credit Union League and later changed its name in 1989. It acts as the main trade association for Credit Unions in New Zealand and provides a range of products and services to its Member Credit Unions. Its 39 Member Credit Unions operate in more than 95 locations nationwide serving over 176,000 New Zealanders. The Association is a member of the World Council of Credit Unions and an affiliate of the CUSCAL Ltd of Australia. The New Zealand Association of Credit Unions is a registered financial cooperative and is not a registered bank.

ENDS

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