Vancity appoints Wellington Holbrook as CEO and president

Ellie Duncan
16 Jan 2024

The board of directors of Canada’s largest credit union, Vancity, has appointed Wellington Holbrook as president and chief executive officer.

Holbrook officially assumed his new role on January 15, and replaces Nez Aquino who had served as Vancity’s interim chief executive officer since July 2023.

Holbrook’s 30-year career in Canada’s financial services industry includes serving as senior vice president of operations at the Business Development Bank of Canada, and as chief transformation and technology officer at ATB Financial, where he led the institution’s retail, business and agriculture banking lines of business.

Most recently, Holbrook worked at First Connect Credit Union, starting as chief operating officer before being promoted to the role of chief executive officer, and leading the credit union through mergers, as well as the integration of several credit unions under a new brand.

Rita Parikh, chair of Vancity’s board of directors, said: “His deep knowledge and understanding of the financial sector will be a huge asset to Vancity.

“Wellington brings with him profound insights and leadership acumen that reinforce our commitment to financial strength, community leadership, and climate action.”

Vancity serves more than 560,000 member-owners and has $34 billion in assets, plus assets under administration.

“I’ve dedicated my working life to cooperatives and banking institutions with missions that extend beyond profits,” said Holbrook.

Nezihe Aquino

Vancity’s Nezihe Aquino

“I am thrilled to be moving back to B.C. and joining Vancity – an incredible institution recognized in Canada and around the world for its focus on people and planet.”

He added: “Vancity’s distinctive community banking approach, coupled with empowered teams, and socially innovative services, sets it apart from all others. I’m really excited to lead such an inspiring organization.”

In November last year, Aquino welcomed the government’s inclusion of legislation to “make Open Banking a reality” in the Fall Economic Statement.

She said: “We believe Open Banking will be an important opportunity for Canadians to have more control when it comes to their finances and their relationship with their financial institutions.”