FROM CATTLE MARKETS TO CAPITAL MARKETS The UNICO banking group was founded in 1977 to centralize certain international activities for the major co-operative banks. Recently, however, its role has come under attack from some of the group's own members. Euromoney spoke to UNICO's secretary general, Anthony M. Tuk, about the trends in European co-operative banking and, in particular, about the contribution of UNICO.
What are the basic principles underlying the co-operative banks, and how are these suited to the more deregulated environment of the 1980s?
The basic principle of the co-operative movement has always been to service the needs of members and clients. That was true at the outset, and that is still true today. But, as the requirements or expectations of our members have become more complex or let's say, international, so the co-operative banks have had to broaden the services they offer. Take one example. If a client needs advice concerning an export venture to South East Asia, we must be able to provide that. It's a question of making services available based on the needs of our members and/or clients.
Has this led to a shift away from traditional sectors?
As you know, the co-operative banks have traditionally concentrated on agriculture.