Monday, April 12, 2021

Against the banks and with support from the Central Bank, cooperatives open branches in the country

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While the great banks closed more than a thousand branches in the last year – and plan to reduce even more – credit unions have expanded their physical presence in the pandemic and have set foot in new parts of the country.

Largest institution in the segment, the Sicoob opened 197 branches in 2020, a 6% growth in its base, which reached 3.48 thousand jobs. With that, in number of branches, it now only loses to the Bank of Brazil, which closed December with 4,400 units. THE Sicredi, the country’s second largest financial cooperative, with 2 thousand branches, has increased its network by another 150 points in the pandemic and has another 250 units planned for this year, with investments of R $ 200 million.

The movement is supported by the central bank, which set the goal of increasing the participation of cooperatives in the credit of the National Financial System to 20% by 2022 – today the share is 10% double the amount seen five years ago. The calculation used by the BC takes into account niches in which cooperatives do not operate, such as credit to large companies. If the entire system is accounted for, the participation of cooperatives would be around 5%.

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