Credit unions provide old-fashioned alternative

  • 2006-03-08
  • By TBT staff
VILNIUS - One of the most extraordinary examples of Canadian expertise at work in the Baltics was the establishment of a network of credit unions in the 1990's. What began as a feasibility study in 1994 gradually turned into a joint Canadian-French effort to create a simple financial alternative to universal banking. As a result, today Lithuania has 64 credit unions with aggregate assets of 266 million litas (77 million euros), and industry officials say there is reason to believe the future holds bright prospects. Compared to major banks, the numbers do pale, but that would be taking the s...
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