ABCU Credit Union (ABCU) and Innovation Federal Credit Union (Innovation) are diligently progressing towards the first inter-provincial credit union merger in Canada.

On July 4, 2024, the two credit unions’ board of directors approved the Business Case, allowing them to seek regulatory approval. Over the past eight months, both credit unions have been actively engaging with their respective regulators and developing plans to ensure a seamless transition for employees and members in the event of a merger. They have made substantial progress in these regulatory engagements and obtained approval from the Competition Bureau to proceed with the merger.

Despite the significant strides made, ABCU and Innovation still require legislative amendments and approval from their respective regulators before proceeding to a member vote.

Milestones ahead:

• Legislative amendments in Alberta
• Regulatory approval to initiate member voting
• Member engagement and outreach prior to voting
• Member voting on the merger for both ABCU and Innovation
• Regulatory approvals to finalize the merger

While awaiting these approvals, ABCU and Innovation will continue preparing for the prospective merger. Both institutions remain enthusiastic about this proposed partnership and anticipate the benefits it will bring to their memberships.

The credit unions eagerly anticipate engaging with their members at the ABCU Annual General Meeting on March 31, 2025, and the Innovation Annual General Meeting on June 9, 2025.

Learn more information about the proposed merger, including FAQs.