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News Now

CU System
New report CUbanking second largest co-op sector
NEW YORK (11/2/11)--The International Cooperative Alliance (ICA) marked the kickoff Monday of the 2012 International Year of Cooperatives (IYC) at the United Nations by launching  its latest Global300 Report announcing the largest 300 cooperative enterprises in the world.

The top 300 reported collective revenues of $1.6 trillion in the seven sectors of cooperatives. That is comparable to the gross domestic product of the world's ninth largest economy.

Credit unions and banking institutions account for 26.27% of the cooperative base--the second largest sector behind agriculture/forestry (28.85%) and in front of consumer/retail (21.66%), and insurance (17.23%).  Workers/industrial, health, utilities and other make up the rest. Credit unions/banking account for $430 billion in revenue.

France has the most cooperatives --28%; followed by the U.S., with 16%; Germany, 14%; Japan, 8%, Netherlands 7%; and United Kingdom 4%; Switzerland, 3.5%; Italy and Finland, 2.5% each; Korea, 2%; and Canada, 1.75%.

Although cooperatives were impacted by the global financial crisis in 2008, they provided stability and security because of their measured risk model and emphasis on service to members, not profits, the report said.

More than one billion people are involved in some way with cooperatives, including credit unions.

For the full report, use the link.


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