Jun 11: Vancity's and Surrey Metro Savings' IT...

Vancouver/Surrey, June 11, 2001 - Two of BC's leading credit unions, Vancouver City Savings Credit Union and Surrey Metro Savings Credit Union, have merged their information technology departments, creating a new BC-based company, Inventure Solutions Inc. This company will provide cost-effective technology support based on industry best practices for both credit unions.

This is a very exciting business opportunity for both credit unions, explains Rowena Liang, CEO of Inventure Solutions. The vision for the new company is to achieve operational efficiency in technology. Our business case demonstrates that the joint venture will lower maintenance, development, and operating costs to both credit unions, freeing up resources for new systems development and state-of-the-art technologies.

This venture makes good business sense, says Surrey Metro Savings CEO, Lloyd Craig. The cost of maintaining and enhancing technology to keep pace with the competition is overwhelming. Now, as innovation in technology continues, we will actively keep abreast of the latest developments.

Dave Mowat, CEO of Vancity adds, not only does the joint venture enable us to create a leading-edge technology platform, it will also enable us to create a dynamic and challenging work environment for our IT staff.

Vancity is Canada's largest credit union, with $6.9 billion in assets, 266,000 members, and 39 branches throughout Greater Vancouver, the Fraser Valley and Victoria. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility, and to improve the quality of life in the communities where we live and work.

Surrey Metro Savings is one of Canada's leading credit unions, and the largest credit union headquartered in the Fraser Valley, with $2.5 billion in assets and 115,000 members. Its shares trade on the TSE under the symbol SMS.