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:
“It is probable that the principal credit of miracles, visions, enchantments, and such extraordinary occurrences comes from the power of imagination, acting principally upon the minds of the common people, which are softer.”
—Michel de Montaigne (1533–1592)
“[Let] the Union of the States be cherished and perpetuated. Let the open enemy to it be regarded as a Pandora with her box opened; and the disguised one, as the Serpent creeping with his deadly wiles into paradise.”
—James Madison (1751–1836)
“Reporters for tabloid newspapers beat a path to the park entrance each summer when the national convention of nudists is held, but the cult’s requirement that visitors disrobe is an obstacle to complete coverage of nudist news. Local residents interested in the nudist movement but as yet unwilling to affiliate make observations from rowboats in Great Egg Harbor River.”
—For the State of New Jersey, U.S. public relief program (1935-1943)
“The worst of crimes. All the other crimes are virtues beside it: all the other dishonors are chivalry itself by comparison. Poverty blights whole cities; spreads horrible pestilences; strikes dead the very souls of all who come within sight, sound, or smell of it.”
—George Bernard Shaw (1856–1950)