Global Alliance for Banking on Values welcomes Assiniboine Credit Union as 15th member of sustainable banking organization

The Global Alliance for Banking on Values (GABV), an independent network of the world’s leading values-based banks today welcomed Winnipeg, Canada-based Assiniboine Credit Union as the 15th member of the sustainable banking organization, which has members from Europe, Asia, and South and North America.

The addition comes on the eve of the GABV’s annual conference in Vancouver (March 8-10), which will be hosted by Vancouver-based GABV member Vancity Credit Union, Canada’s largest community credit union.

Assiniboine Credit Union is the largest credit union by membership in Manitoba, and eighth largest by assets in Canada with 25 branches, 110,000 members, 550 employees and over $3.1 billion CAD in assets. Assiniboine has built an outstanding reputation, loyal membership and solid financial track record based on its commitment to delivering services for the benefit of members and their communities and doing business in a way that is financially sound and socially, environmentally and ethically responsible.

“We’re delighted to welcome Assiniboine Credit Union to the Global Alliance for Banking on Values,” said Peter Blom, GABV Chair and CEO of European sustainable bank, Triodos Bank. “Their growth and achievements are clear indications of the growing public desire for banks that are deeply rooted and involved in the communities they serve. We look forward to officially welcoming them at our worldwide conference in Vancouver next week.”

For CEO Al Morin, joining GABV will provide Assiniboine with an excellent opportunity to contribute to the growth of the worldwide sustainable banking movement.

“Like other Global Alliance for Banking on Values members we stretch to provide access to financial services for people and communities not well served by the mainstream. That includes financing for community projects and business start ups delivering social, environmental and economic value to our communities. We know that financing can be the bridge between someone who wants to do something and something actually happening. If we make the right connections, good things happen on several levels. That’s the lever that members of Global Alliance for Banking on Values have and use regularly. We firmly believe that it is the only sustainable way to deliver financial services now and into the future,” Morin said.

For more information on the GABV, visit www.gabv.org.
For more information on Assiniboine Credit Union, visit www.assiniboine.mb.ca.
 
Global Alliance for Banking on Values and Assiniboine Credit Union

• The Global Alliance for Banking on Values (GABV) is a membership organization, made up of fifteen of the world’s leading sustainable banks, from Asia and Latin America, to the US and Europe.
• The organization began when ten of the world’s banks came together in 2009 to commit to supporting the growth of sustainable banking and its impact worldwide.
• Members believe that we must improve the quality of life for everyone on the planet, recognizing that we are economically interdependent and responsible to current and future generations.
• Across the world, GABV members play a crucial role in providing the money entrepreneurs and their enterprises need to transform lives and deliver sustainable development for unserved people, communities and the environment.
• Members are bound by a shared commitment to find global solutions to international problems, and to promote a positive, viable alternative to the current financial system and mainstream banking business models.
• GABV banks have combined assets of over $26 billion, and operate in 24 countries.
• To qualify for membership, each institution must: be an independent and licensed bank with a focus on retail customers; have a minimum balance sheet of $50 million; and be committed to responsible financing and the triple bottom line of people, planet and profit.
• In 2009: GABV committed to raising $250 million (USD) in capital over three years to support expansion of nearly $2 billion in lending to unserved communities and individuals, and green projects, at the Clinton Global Initiative. They raised $400 million in just one year.
• In 2010, Global Alliance for Banking on Values pledged to touch the lives of a billion people by 2020 by expanding its network of banks, further increasing the capital it raises and training a new generation of sustainable bankers to use that money to make a lasting difference, and help meet the biggest challenges of our time.
• Most banking institutions base their business decisions primarily or exclusively on profitability. GABV banks start by identifying a human need to be met and then determine how to meet that need on a financially sustainable basis.
• As an example Assiniboine Credit Union recently opened its new North-End Branch in one of Winnipeg, Manitoba’s lowest-income neighbourhoods to better serve existing and new members, and reach out to people with limited or no access to banking services.
• The new credit union branch bucked the trend where 10 banks left the community between 1996 and 2009. ACU’s decision to move into the neigbourhood is part of its long-term vision to be a positive agent of change by contributing to community economic development and renewal.
• The business case for the new branch was built on needing $6 million of new business for the branch to open the doors. Early investors brought three times that amount, which is an excellent example of how people can vote with their dollars to help make good things happen.

Background Information: Global Alliance for Banking on Values Members