Korean CU Movement
The world's third largest credit union movement celebrated its 50th anniversary Sept. 7 in the Republic of Korea. Currently, 1,000 credit unions in South Korea serve five million members, according to a World Council of Credit Unions release.
South Korean credit unions operate as individual, member-driven financial cooperatives, but their position in the markets they serve rival those of the largest banks. Like credit union movements in Brazil and Poland, a strategy of common signage and similar products and services have been remarkably effective in South Korea.