Members of the island’s largest credit union, the Barbados Public Workers’ Cooperative Credit Union Limited (BPWCCUL), are being assured that the financial institution remains stable and governance remains strong.This assurance has come from chief operations officer Richard Kennedy, amid questions about the governance and financial operations of BPWCCUL’s subsidiary, CAPITA Financial Services Inc.“I would say there should be no concerns. The credit union remains very stable,” he asserted. “We continue to see growth . . . . It is a place that all members can feel very comfortable knowing that we have measures in place to ensure it remains a very stable and safe place for members to keep their money and do business.”Over the past few weeks, residents have raised concerns about the departure, subsequent return and then recent firing of CAPITA’s chief executive officer Paul Maxwell, as well as issues relating to the annual general meeting held last month and the delay in completing audited financial statements for CAPITA.Among other concerns was whether the development was having a negative impact on BPWCCUL, which boasts 115 000 members and had total assets of $1.673 billion and total deposits of $1.453 billion as of March 31, 2022.
