Bank exits create 'clear opportunity' for credit unions to grow market share

Research shows that 82% of the public fear falling competition in the banking sector will negatively impact consumers

"Unsurprisingly, the recent exit of retail banks is something that consumers are worried about, said Metamo CEO, Alan Kelly. Photo:Leah Farrell/RollingNews.ie

As the Irish banking market becomes increasingly concentrated following the exit of KBC and Ulster Bank, credit unions have been given a "clear opportunity" with almost one quarter of people considering opening accounts.

Research conducted by Amárach on behalf of Metamo, a joint venture between 16 of Ireland’s largest Credit Unions and Fexco found that 82% of the public fear that the decrease in competition following the exit of pillar banks will negatively impact consumers.