Community News

Friday, January 13, 2012

Manitoba credit unions enter 2012 on a high note

As Manitoba credit unions prepare to celebrate the International Year of Co-operatives — as the United Nations General Assembly has declared 2012 — they do so while enjoying continued growth and success.

The 41 credit unions in the province now have 186 branches serving roughly 600,000 members. A commitment to innovative ideas and leading products and services has helped Manitoba’s credit unions grow their assets by an annual rate of 11.35 per cent over the past decade, and all indications are that double-digit growth will continue. Loans, deposits, memberships and equity — a key measurement of financial stability — are also up significantly.

Nationally, credit unions are also growing at a steady rate. The 100 largest credit unions and caisses populaires in Canada reported a six-month growth rate of 6.1 per cent for the first half of 2011.

Manitobans, like most Canadians, clearly understand the advantages of belonging to a co-operative, just as 184 million people in 97 countries around the world do. In announcing the international year, United Nations Secretary-General Ban Ki-moon emphasized the benefits of co-operatives.

“Cooperatives are a reminder to the international community that it is possible to pursue both economic viability and social responsibility,” Ki-moon said.

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