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Alexander Sloan Press Release:

The growing strength of Scotland’s credit union movement as an antidote to pay-day lenders, loan sharks and mainstream banks has been given a boost following the launch last week of a new credit union which will serve the population of Perth and Kinross.

As the final piece of the jigsaw, the Perth and Kinross credit union launch means that all parts of Scotland are now served by local credit unions. The new Perth and Kinross based organisation won the approval of the regulatory authorities and opened for business in Perth on 7 April 2014. Its chief executive is Anne Walker, who has many years of management experience in the credit union movement.

Steven Cunningham, a partner in Alexander Sloan, chartered accountants and business advisers, who specialises in the sector, has worked alongside business consultants, ODS Consulting, during the last year to help the credit union secure regulatory approval and it is now set to bring a wealth of new financial options to the area.

He said: “We have had lots of support from the local Council which recognised the need for a credit union in the city of Perth and its hinterland.

“Perth was the largest city in Scotland without a credit union. There are now over 1 million credit union members in the UK and more than 1 in 5 people in Glasgow enjoy the benefits these institutions can bring.

“The people of Perth and Kinross, like everyone in the rest of the country, now have a real alternative when it comes to financial services and we are very confident they will want to get involved”, he said.