Credit Union Movement Spreads
Even before they had fully consolidated in Germany, credit unions began spreading across Europe.
In 1864 Léon d’Andrimont formed the first of many ‘people’s banks’ in Belgium, in Liège.
In 1865 Luigi Luzzatti, the ‘Schulze-Delitzsch’ of Italy, founded the first credit union there: the People’s Bank of Milan.
In 1872 the Co-operative Wholesale Society in England formed a retail deposit and loan department, which eventually transformed into The Co-operative Bank familiar there today.
In 1878 a network of ‘people’s banks’ formed the Groupe Banque Populaire, and four years later the first credit union in the system now known as Crédit Mutuel was formed in Wantzenau, near Strasbourg.
In 1883 Leone Wollemborg, the ‘Raiffeisen’ of Italy, formed the first casse rurali in Loreggia.
Credit unions also spread to Austria, Switzerland, Hungary, the Netherlands and the Balkans by the 1890s.
By 1889 the movement had spread to Gujarat state in India, where the Anyonya Co-operative Bank Limited was formed in the city of Baroda.
Read more about this topic: History Of Credit Unions
Famous quotes containing the words credit, union, movement and/or spreads:
“Money is a poor man’s credit card.”
—Marshall McLuhan (1911–1980)
“The admission of the States of Wyoming and Idaho to the Union are events full of interest and congratulation, not only to the people of those States now happily endowed with a full participation in our privileges and responsibilities, but to all our people. Another belt of States stretches from the Atlantic to the Pacific.”
—Benjamin Harrison (1833–1901)
“Our movement took a grip on cowardly Marxism and from it extracted the meaning of socialism. It also took from the cowardly middle-class parties their nationalism. Throwing both into the cauldron of our way of life there emerged, as clear as a crystal, the synthesis—German National Socialism.”
—Hermann Goering (1893–1946)
“Slumism is the pent-up anger of people living on the outside of affluence. Slumism is decay of structure and deterioration of the human spirit. Slumism is a virus which spreads through the body politic. As other “isms,” it breeds disorder and demagoguery and hate.”
—Hubert H. Humphrey (1911–1978)