CREDIT CO-OPERATIVES IN BRAZIL: SICREDI CASE

This case investigated the Cooperative Bank Sicredi, ranked Top 5 financial institution, according to the Brazilian Central Bank, in 2018. Credit cooperatives in Brazil started their operations in 1902, at Nova Petr?polis, Rio Grande do Sul, Brazilian southern region, inspired by Raiffensen?s cooperative model. The first credit cooperative was founded by the Swiss priest Theodor Armstad, who created the Armstad Savings and Loans Bank (Caixa de Economias e Empr?stimosArmstad). Later it became CooperativaSicrediPioneira, still active. Credit Cooperatives in Brazil are regulated through Law no 5,764, from 1971. Credit is one of the thirteen different types of cooperatives in Brazil. Sicredi holds approximately 4 million associates, operating in 22 states. Key findings pointed to relevant and growing economic activity in the sector, approximately $ 44 billion in 2018. Sicredi was analyzed according to the standards of the Brazilian Central Bank and the World Co-operative Monitor's. Discussion on critical success factors and recommendations for future research complete the present article.