Banco Credicoop
| Company type | Cooperative bank |
|---|---|
| Industry | Banking, financial services |
| Founded | 1979 |
| Headquarters | Argentina |
Area served | Argentina |
| Products | Personal and commercial financial products, accounting and payroll services, credit cards (Cabal), pension fund administration, insurance services |
Banco Credicoop stands as the foremost cooperatively-owned bank within Argentina.
Overview
Established in 1979 through the consolidation of 44 Argentine credit unions, Banco Credicoop was created as a response to the 1977 Financial Entities Law. This legislation favored commercial banks that provided high-return investments guaranteed by the Central Bank. The subsequent failure of these financial instruments between 1980 and 1982 caused numerous unregulated financial institutions and banks to shut down. Presently, Banco Credicoop is ranked as the eleventh-largest bank in Argentina by asset size and holds the ninth position by deposit volume (US$2.8 billion), largely supported by its membership exceeding 670,000 individuals and a network of 244 branches.
Functioning as a non-profit cooperative credit union, every member possesses equal voting power, with the ten largest depositors accounting for less than 10% of total deposits. The bank maintains a net loan portfolio close to US$1.7 billion, representing approximately 3.5% of domestic credit in Argentina. Its lending primarily targets small and medium enterprises, which constitute 70% of its loan book and account for 5% of national SME financing. Banco Credicoop provides a range of personal and commercial financial products, including accounting and payroll services. Since 1980, it has been issuing Cabal, the sole cooperatively-operated credit card in Argentina. Furthermore, the bank administers the Previsol Pension Fund along with various insurance services. It is also affiliated with the International Co-operative Alliance.