Coopeuch: Best Socially Responsible Banking Chile 2021
Coopeuch is a chilean credit union with 54 years of history that today has more than 1 million members throughout the country. Its purpose is to improve the quality of life of each one of them, through the delivery of financial products and services in an inclusive way and adapted to their needs, generating social and economic impact among them and in Chilean families. Coopeuch is one of the most decentralized financial institutions in the country, which is shown in that 76% of its members live outside the capital of Chile and in each of the 346 communes of the country there are members of the cooperative.
Coopeuch has also been awarded for the level of service it provides to its partners and has been placed in important rankings of corporate reputation.
One of the benefits that the cooperative delivers to its members is the Remnant, which means that they annually receive part of the results of the institution. The Remainder is distributed to each member according to the percentage of products used by Coopeuch, participation fees and their behavior with the cooperative. Through the Remnant, resources are distributed and remain in local economies and energize them, generating a virtuous circle. During this year, as a Remnant, Coopeuch distributed more than 52 billion chilean pesos (more tan US$65.000) among more than 920 thousand cooperators throughout the country.
One of the axes of the savings and credit cooperative is to promote financial inclusion in addition to providing financial advice and education to help people to manage their finances, take care of your debt and make better decisions. That is why the cooperative has strengthened and amplified its financial education program, whose contents in 2020 reached more than 2,500,000 people through the cooperative’s social networks.
Coopeuch also defined actions to transform itself into a carbon neutral cooperative by 2025, permanently reducing its emissions, highlighting its commitment to the environment. It has done this by strengthening the internal eco-efficiencies of its emissions; In addition, in the field of Green Finance, it is developing an offer that contributes to the mobilization of resources towards a sustainable economy. All the actions developed are quantified and rendered through a document called Cooperative Social Balance, which allows evaluating the fulfillment of the actions outlined above, based on the cooperative principles and the 17 United Nations SDGs.
The cooperative has an institutional solidity that is reflected in the fact that it currently maintains an international rating of Baa1 with a positive outlook with Moody’s agency and a BBB + rating with a negative outlook with Standard & Poor’s. Locally it is also classified by two agencies, these are Fitch Ratings and Feller Rate, where with both it maintains an AA rating with a stable outlook.
