Latin American and Carribbean savings banks commit to promoting a sustainable and inclusive retail financial service offer

[24 10 2011]

In an increasingly competitive retail banking sector, WSBI (World Savings Banks Institute) and FEPCMAC (Federación Peruana de Cajas Municipales de Ahorro y Crédito) will discuss with the staff of savings banks in Latin America how best to reach their common, dual objective of being financially sustainable and bringing a return to society. They will reflect on the challenges and opportunities created by the changing banking regulatory and business environment, in the global post-crisis context, and discuss innovative strategies to achieve the goal of financial inclusion.

Jose Antonio Olavarrieta, WSBI President, said, “The fast-evolving environment of retail banking demands that market players develop a sustainable offer that meets the highest quality standards, complies with more stringent legal and regulatory requirements, and fulfils the diversified needs of consumers. For savings banks, which are committed to financial inclusion, this implies also serving a wide range of clients, including low-income groups. Innovative market practices are therefore key to enabling them to reconcile their financial sustainability objectives and their financial inclusion commitment.”

Edmundo Hernandez Aparcana, FEPCMAC President, said, “Peru has recently been honoured as the country with the best environment for the development of microfinance, and in this context the Municipal Savings and Credit Banks, leaders in microfinance in Peru, have indeed been steadily developing. We are pleased and honoured to host WSBI colleagues from other Latin American countries. This is a unique occasion to exchange best practices and share experiences, in particular for the provision of formal financial services to low-income populations in areas where our microfinance institutions represent the unique means to financial inclusion. We expect to learn a lot from this dialogue and hope that our colleagues will also benefit from the Peruvian experiences.”

On 23-24 October, WSBI Peruvian member FEPCMAC will host the annual WSBI Latin American meeting. This year’s theme is: “Promoting sustainable and inclusive retail banking in Latin America and the Caribbean”. WSBI member banks in the region will discuss the role of savings banks in today’s retail banking environment, as well as the challenges to achieving financial inclusion in this context. The meeting will be followed by the “WSBI Cross-Regional Conference on Youth Financial Access and Youth Inclusive Financial Services”.

Dirk Smet at +32 2 211 11 91, 
Sara Tironi at +32 2 211 11 90, 

WSBI – The World Savings Banks Institute: The Global Voice of Savings and Retail Banking

Promoting the strengths of retail banking as a stabilising factor in the financial world and acting as the main financial partner of private persons, SMEs and local authorities in the “real economy” are the main objectives of WSBI. Founded in 1924, WSBI represents savings and retail banks in 89 countries vis-à-vis governmental and non-governmental organisations at the international and national levels.

A top priority for the organisation is increasing access to financial services as an essential prerequisite for sound and sustainable economic development and personal and financial empowerment of individuals. WSBI pursues this objective by establishing contacts with policymakers and by developing training and consultancy activities that foster access to finance in developing or developed regions.

WSBI members are typically savings and retail banks or associations thereof. They are often organised in decentralised networks and offer their services throughout their region. WSBI member banks have reinvested responsibly in their region for many decades and are a distinct benchmark for corporate social responsibility activities throughout the world.

FEPCMAC – Peruvian Municipal Savings and Credit Banks Federation (or Federación Peruana de Cajas Municipales de Ahorro y Crédito)

FEPCMAC is a public law entity with financial and administrative autonomy, representing the Municipal Savings and Credit System, or CMAC. It provides advisory, training and computer support, and assumes legal responsibility for auditing the system, ensuring transparency and CMAC’s proper administrative and financial management. FEPCMAC is a highly competitive and sustainable entity that plans alternative solutions for CMAC’s development.

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