Canada’s biggest credit union outside of Quebec, Vancity, has historically marketed itself as being “Main Street, not Wall Street” — member-owned, values-led and locally focused.
Mike Woollatt, a managing director with Nasdaq-listed alternative money manager Hamilton Lane, tells BNN Bloomberg that private investments such as private equity, private credit, real estate and other infrastructure assets have a history of outperforming public markets. Although they come with risks, they can be used to diversify portfolios in any environment.
“We’re always going to be a community-based financial institution that’s focused on our members — but we do own a Schedule I bank,” said Holbrook, referring to Vancity Community Investment Bank, in his first sit-down interview since taking over in January. “We are thinking about what the bank could be for the future, and doing way more with it.”
Today, Vancity’s bank mainly provides “niche” business-to-business lending. It’s offered 32 clean energy loans and financing for about 3,400 units of affordable housing to date, according to its website. Its assets were C$366 million as of a September regulatory filing — a fraction of the credit union’s C$35.5 billion total assets under administration.
Vancity could also become more active in offering insured mortgages through federal housing corporation Canada Mortgage and Housing Corp., which allow borrowers to buy homes with smaller down payments, a spokesperson said. That’s because, according to Holbrook, Vancity’s digital experience feels like it’s from 2015 — or earlier. He said credit unions have been losing market share to other financial institutions, but he said he’s going to turn that around in Vancity’s case.
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