Read the interviews with Marcus Barboza, Chief Risk Officer of Sicredi, and the reflections from Robin Fieth, Chief Executive of the Building Societies Association
Cooperative banks are an integral part of the social and economic fabric of Europe. They are engines for inclusive growth, offering tailored financial advice, promoting financial literacy, and accompany clients in their green and digital transitions. But their footprint extends far beyond the European context, driving economic resilience and financial inclusion across continents.
Owing among other factors to their proximity to communities, cooperative banks respond directly to the needs of the real economy. Unlike commercial banks focused on profit maximisation, cooperative banks leverage their local knowledge to take well-calibrated risks that prioritise long-term member value. This is especially evident in times of crises, when economies with strong cooperative sectors consistently prove more inclusive and resilient.
As Europe mobilises large-scale investment to meet its digital, green and sovereignty goals, recognising the value of a diverse banking sector is essential. A strong, competitive and stable European single market needs a financial system that serves global ambitions while supporting locally oriented economic activity. Cooperative banks account for 20% of the market in Europe, and even more than 60% in countries like France. A simple, innovation-friendly and proportionate regulatory framework fit for purpose will ensure that varying business models and sizes, including cooperative banks, can continue to thrive and ensure diversity and choice in banking. Seizing this moment calls not only for governance reform but also for a fundamental shift in the mindset among all involved in EU rulemaking. Financial stability should continue to be a guiding principle, but it must be seen in equilibrium with competitiveness and growth.
Sicredi’s membership in the EACB testifies once more how the relevance and benefits of the cooperative banking model stretch worldwide. With an extended foothold in Brazil, the EACB remains committed to advancing the cooperative voice for a diverse and resilient banking sector, able to serve members and communities on the long term.
3 Questions to
Marcus Barboza
Chief Risk Officer, Banco Cooperativo Sicredi
Marcus Barboza isChief Risk Officer of Banco Cooperativo Sicredi since 2023. He has 17+ years of experience in financial institutions risk management, having played several executive roles in commercial and investment banking.
Sicredi recently joined the EACB. Could you explain to our readers what marks Sicredi’s history, mission, and core values as a cooperative financial institution?
Sicredi plays a significant role in Brazil’s banking sector. In your view, what makes your model stand out in Brazil and within the Latin American context? What do you consider Sicredi's most important achievements as a cooperative central body?
Sicredi is the first cooperative financial institution in Latin America, founded in 1902 in southern Brazil. Since then, the cooperative model has expanded throughout the country, maintaining a strong commitment to financial inclusion and regional development.
Our mission is to value people and promote local development in a sustainable way. We operate based on values such as cooperation, transparency and local development.
Our model is cooperative and participatory: all members are also owners of the business, with voting rights and participation in the results. This ensures democratic management and close ties with the community.
Another distinguishing factor is our support for small businesses and local development, as around 25% of the country’s small enterprises are Sicredi members. We are partners of agribusiness, especially small and medium rural producers, who represent over 95% of our agribusiness members. We are the second-largest financial institution in Brazil in terms of agribusiness credit portfolio and the leading private financial institution in this segment.
Additionally, we promote financial education and work toward financial well-being through various actions and programs, which ensure our members develop financial skills, empowering them to better manage their personal and family finances.
We highlight our sustainable growth and reach: we have over 2,900 branches in 2,100 municipalities, being the only financial institution in about 200 of them. Moreover, we opened more than 1,500 branches in the past 10 years, a growth of over 110% from 2014 to 2024. In just over 5 years, we doubled the number of members, from 4.4 million in 2019 to over 9 million in March 2025.
We maintain a strong commitment to sustainability while achieving solid results. In December 2024, our assets reached R$ 397 billion, a 22% increase compared to 2023, driven mainly by the expanded credit portfolio, securities, and interbank liquidity investments. We achieved a result of R$ 6.67 billion and total equity of R$ 44.3 billion in 2024. That same year, we invested over R$ 435 million in social initiatives, funded by the Technical, Educational and Social Assistance Fund (FATES), the Social Fund, donations, incentive laws, and socio-cultural sponsorships.
We continuously strive to create a welcoming and inclusive environment, attract and develop talent, and one reflection of this is that we were recognised as the best company to work for in Brazil by the GPTW (Great Place to Work) ranking in 2024.
What are your main expectations in engaging with the broad network of cooperative institutions within our constituency? Where do you expect support from the EACB for your work? What do you see as the key added value for international cooperation among cooperative banks, particularly between Europe and Latin America?
Engagement with EACB offers a valuable opportunity to learn from the experience of other cooperative institutions on relevant topics like risk management, governance and sustainability, allowing Sicredi to innovate on these topics and propose improvements in line with international practice.
My main expectation is to have access to best practices and successful models implemented across Europe for cooperative institutions, as well as to create meaningful partnerships and joint technical cooperation initiatives to address shared challenges more effectively.
The EACB’s support will be particularly important in promoting effective dialogue with the local regulator, with insights from international practices on how European cooperative banks are navigating evolving regulatory landscapes and adapting to market transformations, which can be applied to Latin American institutions facing similar dynamics.
The added value of international cooperation between cooperative banks — particularly between Europe and Latin America — lies in leveraging complementary perspectives. While institutional and regulatory environments may differ, a shared commitment to cooperative principles creates fertile ground for collaboration. This interaction can help develop more resilient, inclusive and innovative financial models that better serve communities, in line with my belief in the power of cooperation to generate systemic impact.
In May, you participated as a speaker in the EACB’s 2nd “Global Cooperative Banking Forum” in Birmingham. What were your takeaways from the discussions and, from your perspective, what are some of the shared challenges and opportunities that cooperative banks are facing globally? Do you see other challenges coming up on the horizon?
It was a truly enriching experience to have the opportunity to share a panel with Vincent Maagdenberg from Rabobank, Harri Nummela from OP Financial Group and the Baroness Nicky Morgan. It showed me that, despite the differences between the markets we operate in, cooperative banks face similar challenges. For example, there is a shared concern about ensuring appropriate proportionality in regulations and about how cooperative banking systems should prepare for a competitive environment considering the introduction of open banking.
A future built on mutual and cooperative strength
Robin Fieth
Chief Executive, Building Societies Association (BSA)
Robin Fieth joined BSA as Chief Executive in December 2013. Previously he was Executive Director, Members and Operations at the Institute of Chartered Accountants in England and Wales (ICAEW). Robin originally joined the ICAEW in 2002 as Director of Finance. During his career, he has also held a number of other senior positions in the corporate sector, including Group Finance Director and Company Secretary at AIM listed Transacsys plc. He spent the first 10 years of his career with PwC.
UK building societies and credit unions are part of a group of more than 2,400 cooperative banks and mutual lenders, with 90 million members across Europe and beyond. All with a commitment to the cooperative and mutual sector worldwide. While the UK may now be in a different banking jurisdiction, we are all still part of Europe and our common goals remain unchanged. We must continue to collaborate and use our collective voice to achieve these goals.
And this is why the BSA was delighted to be able to host the EACB’s 2nd Global Cooperative Banking Forum, as part of our 250th anniversary Conference in May. While we celebrate 250 years of the building society movement, we also celebrate our wider community of cooperative and mutual businesses. It was an opportunity to look to the future and the growth of the sector, finding solutions to the challenges we face to this growth, and sharing valuable lessons in scaling up.
With today’s global uncertainty shaping financial markets, mutual and cooperative businesses continually demonstrate the true resilience that comes from long term value and sustainable growth. Businesses that have remained profitable through world wars, global pandemics, recessions and global financial crises.
It is a great time to be celebrating the UN International Year of Cooperatives. Indeed, it is a great time to have the UK Government committed to doubling the size of the UK’s cooperative and mutual sector. But we in the UK are clear that we must harness that commitment to ensure that building societies and the wider mutual sector are an increasingly important part of a properly diverse and dynamic UK financial services sector.
For ours in a good news story, mutual and cooperative businesses exist to benefit their members and communities, reinvesting their profits for those members, communities and their futures. By focusing on the financial wellbeing of these members, rather than maximising profits for external shareholders, they are able to provide accessible lending, promote responsible savings and contribute to local and national economies in ways that are often overlooked by shareholder-owned businesses.
A clear demonstration that profitability and purpose can co-exist, fostering both financial health and social equity.
Regulatory challenges to growth are not UK specific. Mutuals and cooperatives across Europe face similar barriers and this is where opportunity lies: using our collective voice to continue to highlight the need for policies and regulatory frameworks that support mutual models.
Our call to regulators is simple – be bold. Promote structural diversity. Actively encourage business models that strengthen economic resilience rather than perpetuate systemic vulnerabilities. A diversified financial landscape, where mutuals and cooperatives are recognised and empowered, serves the long-term stability of economies worldwide.
A shared vision for the future
The UK is not alone in its quest for large-scale investment and sustainable economic growth. Across Europe the message is the same – growth is essential to ensure public services remain fit for purpose, continued investment in health and education and raising of living standards.
Our message to Governments is clear. We are here to support you in delivering this growth. We can offer mutual and cooperative solutions across the range of your agendas. But you must play your part – get us involved in the conversations and don’t do things that would actively slow down or undermine the sector, don’t put roadblocks in our way.
I am proud to be part of a sector that is guided by the cooperative values of democracy, solidarity and self-help, with an unfailing focus on long-term value creation for members. The power of the collective is alive and well!
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