10 World’s Biggest Financial Cooperatives
10 World’s Biggest Financial
Cooperatives – According to World Cooperative Monitor Report
in 2023, International
Cooperative Alliance, there are 10 World’s Biggest Financial Cooperatives in
2021. These financial cooperatives have extensive markets in financial
industries and can compete with other finance companies.
In this article, all of the financial cooperatives refer to cooperative banks and credit unions providing banking and financial intermediation services, democratically controlled by member customers (borrowers and depositors). Principally, a cooperative is an autonomous organization of persons that unite voluntarily to achieve the same economic, social, and cultural goals and aspirations. These cooperatives are basically owned by people (members) and the director, or the supervisor of the cooperative is selected by people (member) as a stakeholder.
Of all databases, there are 10 World’s Biggest Financial Cooperatives. Here is the rank of 10
World’s Biggest Financial Cooperatives. All of the data came from “World Cooperative Monitor (Exploring the
cooperative economy REPORT 2023)” by International Cooperative Alliance (ICA). All of the ranks were arranged based on the
cooperative income of cooperatives in 2021.
The Rank of 10 World’s Biggest Financial Cooperatives in 2021
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|
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|
Ranks |
Name
of Financial Cooperatives |
Financial
Cooperatives Banking Income in 2021 |
|
|
|
(Billion USD) |
|
1 |
Groupe
Crédit Agricole |
67.76 |
|
2 |
Cooperative
Financial Network Germany – BVR |
30.61 |
|
3 |
Groupe
BPCE |
30.42 |
|
4 |
Groupe
Crédit Mutuel |
24.97 |
|
5 |
Rabobank |
14.39 |
|
6 |
Mouvement
Desjardins |
13.29 |
|
7 |
RBI
(Raiffeisen Bank International) |
6.59 |
|
8 |
Navy
Federal Credit Union |
6.12 |
|
9 |
Gruppo
Bancario Cooperativo Iccrea |
5.36 |
|
10 |
OP Group- Pohjola Pankki OYJ |
4.81 |
|
Source
: World Cooperative
Monitor 2023, International Cooperative Alliance |
||
Brief
Description of 10 World’s Biggest Financial Cooperatives in 2021
1.Groupe Crédit Agricole
Crédit Agricole Group is the world’s largest
financial cooperative in 2021. Financially, in 2021, the banking income of the
Crédit Agricole Group reached USD 67.76 billion. Historically, Crédit Agricole was founded in
the district of Poligny in the Jura region on 5 November 1894. Operationally,
to date, this cooperative has a main office in Montrouge, France. Based on the labor
forces, the cooperative has around 147,000 employees. In terms of its service, Groupe Crédit Agricole has some
products and services. Some of the financial products are Retail banking,
corporate banking, investment banking, private banking, wealth management, and
asset management.
2.Cooperative Financial Network Germany – BVR
The German Cooperative Financial Group (BVR) is a financial cooperative from
Germany. Basically, The German Cooperative Financial Group has a main office in Berlin, Germany. Historically, this cooperative
was created by 50 inhabitants of Öhringen in the Kingdom of Württemberg with
the help of an economist, namely Franz Hermann Schulze-Delitzsch. From
time to time, along with business development, this financial cooperative has
18.2 million members with 771 local cooperative banks. Furthermore, this
cooperative has 172,334 of employees. Financially, Cooperative Financial Network Germany – BVR has banking income of
around USD 30.61 billion.
3.Groupe BPCE
Groupe Banque Populaire Caisse d’Epargne or commonly known as
Groupe BPCE is a financial cooperative that was founded in 2009. Operationally,
this cooperative has a main
office in France and has employed around 99,900
people. Some of the major networks of insurance and banks of Groupe BPCE are Banque Populaire, Caisse d’Epargne,
Banque Palatine and Oney. Along with business development, this cooperative has
36 million customers. Financially, in 2021, Groupe BPCE has banking income
around USD 30.42 billion.
4.Groupe Crédit Mutuel
Crédit Mutuel is a French cooperative bank that has its main office in Paris, France. Historically, this cooperative
bank was founded in February, 1882. Along with business development until 2022,
Crédit Mutuel has 36 million customers with 3,330 of marketing area/office and
employed 83,141 people. Based on the financial products, this company has
served with banking, corporate banking, private banking and insurance.
Financially, in 2021, Groupe Crédit Mutuel generated banking income around USD
24.97 billion.
5. Rabobank
Rabobank (Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.) is a Netherlands financial
cooperative that was founded in 1972 and has a main office in Utrecht. In terms of business sectors, Rabobank
has miscellaneous business units. These include the business area of banking,
capital management, leasing, insurance and real estate. To date, along with
business development, Rabobank has presented in 27 countries and served more
than 9.1 million customers in the
Netherlands. Furthermore, Rabobank also channels its
credit to the Food & Agri sector worldwide of around Euro (€) 114.8
billion. Financially, in 2021, Rabobank generated banking income around USD
14.39 billion.
6. Mouvement Desjardins
The Desjardins Group is
a Canada-based financial cooperative that has
a main office in Quebec, Canada. Historically, The
Desjardins Group was founded by The Desjardins Group in the 1900s. Total employees of this cooperative reached 53,783.
Along with business development, this financial group has
diversified financial business in accounts and cash management, financing and
credit, business projects, business types, solutions for merchants, employer
solutions, insurance for businesses, international services, investment,
capital markets, trust services, and business banking and advice. Financially,
in 2021, Mouvement Desjardins generated banking income around USD 13.29
billion.
7. RBI (Raiffeisen Bank
International)
Raiffeisen Bank International (RBI) is
an Austrian financial cooperative that has its
main office in Vienna, Austria. The RBI comprises
numerous other financial service providers, for instance in the fields of
leasing and asset management. To date, the total number of employees of
Raiffeisen Bank International has reached 46,185 and served around 18.7 million
customers. As of 2024, this cooperative has total assets of USD 226 billion
with more than 1,500 branches. Furthermore,
financially, in 2021, Raiffeisen Bank International generated USD 6.59 billion
of banking income.
8. Navy Federal Credit Union
Navy Federal Credit Union is
a financial cooperative that has a main office in Vienna, Virginia, United States. Historically,
the Navy Federal Credit Union was founded on March 13th, 1933. Nowadays, Navy
Federal has 12 million members. Furthermore, this cooperative has some
financial services including making cents
financial learning, navy federal investment services, business solutions, and
mobile banking. Financially, in 2021, the Navy Federal Credit Union generated
banking income around USD 6.12 billion.
9.Gruppo Bancario Cooperativo Iccrea
ICCREA Group was a financial cooperative that was founded in 1963.
Operationally, this financial cooperative has
a main office in Rome, Italy with total employees of 22,084 people. As one of the largest financial cooperatives in Italy, The BCC Iccrea Group consists of 114 cooperative credit banks, spread over 1,700 Italian
municipalities with around 2,500 branches, and other banking, financial and
instrumental companies controlled by BCC Banca Iccrea. As of 30 June 2024, the
Group's BCCs had net loans of around 93 billion euros throughout Italy and
direct collections of approximately 138 billion euros, serving over 5 million
customers and 880 thousand members. Financially, in 2021, ICCREA group
generated banking income around USD 5.36 billion.
10. OP Group- Pohjola Pankki Oyj
OP Financial Group or commonly known as OP Group- Pohjola is one
of the financial largest cooperatives in Finland. Headquartered in Vallila, Helsinki, Finland,
OP Financial Group manages
180 cooperative banks and central organizations
with total employees of around 13,074 until 2021. Furthermore, in the year of
2021, the OP Group- Pohjola successfully generated banking income around USD
4.81 billion.
The Summary of 10 World’s Biggest Financial Cooperatives
Bibliography of 10 World’s Biggest Financial Cooperatives
International Cooperative Alliance. 2023.World
Cooperative Monitor (Exploring the cooperative economy) in 2021. accessed
via https://monitor.coop/sites/default/files/2022-11/WCM_2022.pdf on
Janury 8th, 2024.
Groupe Crédit Agricole. 2023. Accessed
via https://www.ca-cib.com/ on January 11th, 2024.
Cooperative Financial Network Germany – BVR.
2023. Accessed via https://www.bvr.de/Wer_wir_sind/Genossenschaftliche_FinanzGruppe on
January 11th, 2024.
Groupe BPCE. 2023. Accessed via https://groupebpce.com/ on
January 11th, 2024.
Groupe Crédit Mutuel. 2023. Accessed via https://www.creditmutuel.com/fr/index.html on
January 11th, 2024.
Mouvement Desjardins. 2023. Accessed via
https://www.desjardins.com/ca/ on January 11th, 2024.
Rabobank. 2022. Accessed via https://www.rabobank.com/en/home/index.html on
January 11th, 2024.
Navy Federal Credit Union. 2023. Accessed
via https://www.navyfederal.org/ on
January 11th, 2024.
RBI (Raiffeisen Bank International). 2023.
Accessed via https://www.rbinternational.com/de/raiffeisen.html on
January 11th, 2024.
Gruppo Bancario Cooperativo Iccrea. 2023.
Accessed via https://www.gruppobcciccrea.it/Pagine/Default.aspx on
January 11th, 2024.
OP Group- Pohjola Pankki
Oyj. 2024. About Us. Accessed via https://www.op.fi/en/op-financial-group on November 5th, 2024