Saemaeul Geumgo Discusses COVID-19 Cooperation Measures with European Cooperative Banks

Park Cha-hoon, Chairman of the National Credit Union Federation of Korea, is participating in the European Association of Cooperative Banks (EACB) Executive Committee video conference. Photo by National Credit Union Federation of Korea

[Asia Economy Reporter Kim Min-young] On the 20th, Saemaeul Geumgo Central Association announced that on the 17th, it discussed cooperative measures among cooperatives to overcome the novel coronavirus infection (COVID-19) with members of the Executive Committee of the European Association of Cooperative Banks (EACB), composed of representatives from financial cooperatives in Europe, Canada, and Japan.

This Executive Committee meeting was held via video conference due to border closures caused by the spread of COVID-19 in Europe.

Park Cha-hoon, President of Saemaeul Geumgo Central Association, emphasized the importance of solidarity among financial cooperatives for effective COVID-19 response, sharing Saemaeul Geumgo's comprehensive COVID-19 measures and emergency financial support cases, and exchanged know-how on overcoming the COVID-19 crisis with representatives of cooperative banks from various countries.

The EACB is a council supporting over 3,000 cooperative banks worldwide to promote the cooperative model and strengthen global networking. It includes 27 member institutions from 21 countries such as the German Cooperative and Raiffeisen Confederation (BVR) and Rabobank. In Asia, Korea's Saemaeul Geumgo and Japan's Norinchukin Bank participate.

Meanwhile, Saemaeul Geumgo serves as the chair institution of the Korea Federation of Cooperatives, representing Korean member institutions of the International Cooperative Alliance (ICA), and carries out various exchange projects to spread cooperative values worldwide.

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