Page 33 - Sicredi Ingles Flipbook

considers the performance of credit unions and centrals along with Sicredi Cooperative Bank, as authorized by the Central Bank and the National Monetary Council through Re- solution 4,151, of 2012.
Under this condition, the institution now fell under the microscope of the world’s leading risk classification agencies. From the outset, Sicredi has enjoyed excellent ratings, facilitating comprehensive access to both domestic and foreign financial markets.
In practice, Sicredi expanded its capacity to contribute to the development of its members through improved access to the market to expand businesses, including the strengthening of ties with multilateral international entities for financing operations and strategic partnerships.
Within this context, in 2013, Sicredi bolstered its partnership with the International Finance Corporation - IFC, initiated in 2011. The financial branch of the World Bank for sustainable projects purchased a 3.12% stake in Sicredi Cooperative Bank. The partner- ship leveraged our presence in the international capitals market and provided access to the Global Trade Finance Program, which encompasses funding sources from over 230 international and regional banks. In short, we created solutions and began to offer a higher volume of resources to our members to ensure their economic evolution.
Governance evolutions in our credit unions
Focused on maintaining growth and the values of cooperativism based on transpa- rency and democratic participation, Sicredi undertook a major project to adopt the same dual corporate governance model in centrals and credit unions, as per the Central Bank’s regulatory requirement.
The process was completed in 2015 ensuring compliance with the 2010 National Monetary Council Resolution 3,859, updated in 2015 through Resolution 4,434, which ensures our governance practices at a national level are in line with the best practices re- commended by the market.
Deciding and management bodies are now even more democratic, transparent and ef- ficient. Strategic and executive activities were split between the administrative boards and 31 |
Sicredi’s Trajectory and the Strength of Cooperation |