CHURCHES Co-operative has become the first credit union to offer additional financial services through a subsidiary, CCU Investments Limited (CCUIL), which began operations on September 19.

CCUIL is licensed by the Financial Services Commission (FSC) and will provide competitive rates and success-driven portfolio management services.

The FSC supervises and regulates the securities, insurance and private pensions industries and may be described as an integrated financial services regulator.

Caswell Linton, general manager of the newly-formed CCUIL, said that the company stands strong and will be able to garner the support of the public thanks to its parent company’s excellent reputation.

“What will ultimately set us apart from other investment houses is that we have the benefit of a parent company (Churches Co-operative Credit Union, CCCU), which boasts a well-established history in both the credit union movement and the service industry. We are confident that the experience and expertise of our team will make a tremendous impact” said Linton.

With just a week of operations to its credit, CCUIL will attempt to serve the public and corporations by offering a number of financial instruments including money market investments, bonds, stocks, equities, repurchase agreements and mutual funds, as well as investment advisory, portfolio management and pension fund management services it said.

CCUIL is the result of efforts by its parent company to reach more persons and offering services to a larger, more diversified clientele.

“We fully accept and embrace our role to serve our members and indeed the wider Jamaican community. We are constantly seeking ways to improve the CCCU client experience by identifying our customers’ needs and looking for avenues through which they can be practically addressed” said Basil Naar, chief executive officer of CCCU.

Other members of the new company’s management structure include managers Patrick Burke, Trading and Treasury, and Anita Chong, Investment Relations.

Churches Co-operative Credit Union is the second largest credit union, by number of members, in Jamaica. It was established in 1971 and has been a member of the Jamaica Co-Operative Credit Union League since 1977. It offers a comprehensive range of financial services including savings and investment accounts, loans, insurance packages and a pension fund.