Saemaeul Geumgo Joins European Association of Cooperative Banks

Park Cha-hoon, President of the National Credit Union Federation of Korea

[Asia Economy Reporter Kim Min-young] Saemaeul Geumgo Central Association announced on the 3rd that starting this year, it will represent Korean financial cooperatives as a member institution of the European Association of Cooperative Banks (EACB).

Saemaeul Geumgo explained that the approval of the Korean Saemaeul Geumgo Central Association's membership in the EACB is a recognition of Saemaeul Geumgo's financial inclusion activities both domestically and internationally, as well as its achievements as a representative grassroots financial institution of Korea.

The EACB was established in 1970 with the purpose of representing the common interests of cooperative banks and leading the global financial cooperative movement. It has 27 member institutions from 23 countries, including the German Cooperative and Raiffeisen Confederation (BVR), DZ Bank, and Rabobank.

Before Saemaeul Geumgo Central Association joined, Japan's Norinchukin Bank was the only member institution from Asia.

Park Cha-hoon, president of Saemaeul Geumgo Central Association, said, "By participating as an executive committee member of the EACB, we expect to contribute to the development of Korean financial cooperatives through exchange and cooperation with European cooperative banks."

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