MICROCAPITAL BRIEF: CoopCentral of Colombia Receives Authorization to Convert Into Cooperative Bank

CoopCentral, a Colombian financial cooperative with 17 branches around the country, reportedly has received approval to become a cooperative banking institution. This will provide for stricter governmental oversight of the bank and allow CoopCentral to use the national clearinghouse to transfer money to and from other banks in the clearinghouse’s network.

CoopCentral is involved with projects in Colombia with Développement international Desjardins (DID), a Canadian development organization, that focus on improving agricultural credit methods and supporting Latin American cooperative financial establishments [1]. As of December 2013, CoopCentral reported total assets of COP 609 billion (USD 321 million) [2].

By Benjamin Krupp, Research Associate

Développement international Desjardins (DID)

DID is a Canadian corporation that specializes in providing technical support and investment for community finance in emerging economies. It assists organizations in approximately thirty nations in Africa, Asia, Central and Eastern Europe, Latin America and the Caribbean. DID is a component of the Desjardins Group, a cooperative offering banking, insurance, securities and investment services with approximately USD 223 billion in assets as of 2014. DID has three funds that provide loans and investment capital to microfinance institutions: Investment Fund for International Development (FONIDI), the Partnership Fund and the Guarantee Fund.

Sources and Additional Resources

[1] Proxfin: CoopCentral Earns Status as Cooperative Bank

[2] Banco Cooperativo CoopCentral: Balances Generales Comparativos

MicroCapital, May 7, 2014: “Financial Capability in Colombia: Results from a National Survey on Financial Behaviors, Attitude, and Knowledge;” by Rekha Reddy, Miriam Bruhn and Congyan Tan; Published by The World Bank

MicroCapital, November 8, 2013: Developpement International Desjardins (DID) Loans $!m to Microfinance Institution (MFI) Humo & Partners of Tajikistan

MicroCapital, December 9, 2011: World Council of Credit Unions (WOCCU) to Expand Financial Service in Colombia with $2.5m Program

MicroCapital Universe Profile: Développement international Desjardins (DID)

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/

 

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