On the Implied Wholeness Significance of International Financial Cooperatives and Credit Unions

Abstract

The purpose of this paper is to analyze pre-COVID-19 performance indicators of international financial cooperatives and credit unions. By assuming a wholeness approach to cooperative development, new potentialities are suggested without jeopardizing the initial concept of non-financial cooperative entities. Researched is their internationalization and export endeavors based on data collected by the European Association of Cooperative Banks and the World Council of Credit Unions. The author draws conclusions on interconnectedness among financial cooperatives and credit unions with traditional cooperatives. This study suggests that credit unions seem to be more widely represented than international financial cooperatives and that development potential exists in both of them individually and especially in their holistic interconnectedness. Finally, findings of this research also reveal that classic cooperatives could evolve into players that are more powerful by developing their financial and market potential through cooperation with international financial cooperatives and credit unions.