21 November 2024, Amsterdam, Netherlands – The Global Alliance for Banking on Values (GABV) is proud to announce that LABORAL Kutxa, a credit union with deep roots in Spain’s Basque region, has joined the Alliance as an associate member. With this addition, the GABV continues to expand its global network, now comprising 70 members across 45 countries, all dedicated to transforming finance for good.
LABORAL Kutxa celebrates its 65th anniversary this year, a testament to its enduring commitment to cooperative banking and social responsibility. Founded in 1959 as Caja Laboral in Mondragón by a visionary young priest, the organization grew with a strong focus on community development and cultural enrichment. In 2012, Caja Laboral merged with a like-minded bank, forming LABORAL Kutxa, which has since demonstrated remarkable resilience, particularly during the 2008 financial crisis. Today, LABORAL Kutxa stands as a key financial institution in the region, rooted in its cooperative principles. The bank serves 1,15 million customers and employs 2,015 persons.
A Shared Vision for Sustainable Banking
Laboral Kutxa’s mission aligns closely with the values-based approach championed by the GABV. Its purpose is to foster more prosperous, equitable, and sustainable communities, emphasising solidarity and co-responsibility.
“LABORAL Kutxa was born to do banking differently,” said Xabier Egibar, CEO. “As a cooperative, creating wealthier, more egalitarian, and sustainable communities is at the core of our mission. Joining the GABV is an opportunity to collaborate with like-minded organizations striving to make banking a force for good. The 65th anniversary of Laboral Kutxa coincides with the 15th anniversary of the GABV, marking a meaningful moment to strengthen our shared commitment to values-based banking.”
Driving Sustainable Development and Community Support
In 2023, LABORAL Kutxa allocated EUR 3,380 million to sustainable lending for businesses and organisations in areas such as renewable energy, efficient building, circular economy, sustainable mobility, and agriculture. Additionally, 25% of the credit union’s profits were invested in projects that benefit the community, amounting to EUR 32.7 million last year. These funds supported initiatives promoting Basque culture and language, sports, equality, diversity, entrepreneurship, social integration, and more.
Martin Rohner, Executive Director of the GABV, expressed his enthusiasm for the partnership: “We are delighted that LABORAL Kutxa is keen to deepen its values-based agenda by working with the GABV. Their long-standing commitment to cooperative banking and sustainable development serves as an inspiration and a powerful addition to our network. As both organizations celebrate milestones—15 years for the GABV and 65 years for LABORAL Kutxa—this collaboration marks the beginning of a promising chapter.”
About the GABV
The Global Alliance for Banking on Values (GABV) is a network of independent banks and banking cooperatives with a shared mission to use finance to deliver sustainable economic, social, and environmental development. Founded in 2009, the GABV comprises 70+ financial institutions operating in over 40 countries across Asia-Pacific, Africa, Latin America, North America and Europe. It serves more than 50 million customers collectively, holds over USD 265 billion of combined assets under management and employs 80,000 co-workers.
Meet the banks of the network and the countries where they operate: www.gabv.org/members
