MADISON, Wis.—World Council of Credit Unions (WOCCU) said it has officially added Brazil’s SICOOB, which is one of the largest financial cooperative systems in Latin America, as the first new member added under its revised membership structure.
Those changes were approved by the WOCCU board earlier this year. SICOOB joins WOCCU under its revised Associate Membership category, which is now open to national cooperative associations in countries where there is already an existing WOCCU direct member, the organization said.
343 Affiliated CUs
According to WOCCU, SICOOB represents more than $43 billion in assets, SICOOB supports more than 14 central credit unions and 343 individual affiliated credit unions that serve more than seven-million members across Brazil.
“The approval of SICOOB as an Associate Member of WOCCU is a source of great satisfaction, as it not only highlights our institution's commitment to the principles of financial cooperativism, but also confirms the importance of the topic on a global scale,” said Marco Aurélio Almada, CEO of SICOOB, in a statement.
Brazil’s Sicredi organization has been a Direct Member of WOCCU for more than 20 years, but WOCCU said Sicredi was one of the organizations
that “championed for greater inclusivity through the opening of WOCCU membership to more than one national association per country, even though it meant welcoming in one of its competitors.”
‘Very Clear Sign’
“Sicredi’s support for the affiliation of new systems is a very clear sign of global intercooperation in favor of a better world aimed at the development of more peaceful communities—following the motto of people helping people,” Manfred Dasenbrock, a WOCCU board director who also serves as president of Central Sicredi PR/SP/RJ (Curitiba, Brazil) and an advisor to Sicredi, said in a statement.
Added Thomas Belekevich, WOCCU's director of member services, “Our network is our net worth at WOCCU. As we welcome SICOOB to our global family, this example of inclusivity reminds us of the potential to do so much more together. In deepening our relationships with financial cooperatives across Brazil, we are expanding opportunities to learn, share and collaborate on our shared global challenges.”
About the New Structure
WOCCU said its new membership structure also allows for first and second tier credit unions to become associate members if they are located in countries where WOCCU does not have an existing direct member.
“This is an important mechanism that will allow WOCCU to build relationships in nations where there are no active national associations,” the organization said. “Associate membership also still remains open to regional financial cooperative confederations. Credit union service organizations, fintechs and other industry partners that had previously been Associate Members, are now recognized in the new Supporting Membership category.”
No Change to Voting
WOCCU said the revised membership structure will not change voting privileges within WOCCU. Direct members will still be the only organizations allowed to vote at WOCCU's annual general meeting and be eligible to nominate representatives to the WOCCU board of directors.
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