Meeting report
The IRCCF at the International Summit of Cooperatives 2016

International Summit of Cooperatives

Time: October 11 to 13, 2016
Place: Convention Center, Quebec City

The International Research Centre on Cooperative Finance (IRCCF) of HEC Montréal participated in two activities at the International Summit of Cooperatives held in Quebec City from 11th to 13th October 2016.

Organized by the International Co-operative Alliance and the Desjardins Group, the Summit is a biennial business development event for the cooperative and mutual community. The theme of this Summit was “Cooperatives: the Power to Act” to highlight their actions and contributions in respect of the current challenges facing our societies.

More than 200 renowned speakers were present, including Robert Reich (Economist and former United States Secretary of Labor), Joseph E. Stiglitz (Nobel Prize in Economic Sciences and Professor at Columbia University), Jeremy Rifkin (Economist and political advisor), as well as many Presidents and CEOs from the cooperative and mutualist community.

Joseph Stiglitz Rym Ayadi and Giovanni Ferri at the 2016 International Summit of Cooperatives

From left to right: Rym Ayadi – IRCCF Director and Professor at HEC Montréal, Joseph E. Stiglitz – Nobel Prize in Economic Sciences and Professor at Columbia University, Giovanni Ferri – Professor at LUMSA and member of the IRCCF Scientific Board.

The Efficiency of the Cooperative Banking Model

Sectoral meeting: Banking and Financial Services

On Tuesday, 11th October, Professor Rym Ayadi, IRCCF Director, was invited to the round table discussion on the state of research into the performance of banking business models.

She used the occasion to present the results of the latest study published by the IRCCF: Banking Business Models Monitor – Europe 2015, and those under way for the United States, Canada and Brazil. These extensive pieces of research aim to identify the different banking business models, analyzing them in various dimensions, such as financial performance, contribution to the real economy and risk.

Professor Rym Ayadi pointed out that cooperative banks in Europe mainly had a retail focused business model, while others demonstrated a more diversified type of business model. Financial cooperatives performed as well as other types of banks, but accumulated less risk and were more resilient to crisis conditions, she said, adding that they also played a key role in financing the real economy in times of crisis and in fostering financial inclusion.

The Cooperative Movement in Latin America

On Tuesday 11th October, the Alphonse and Dorimène Desjardins International Institute for Cooperatives at HEC Montréal, the founding Institute of IRCCF, organized a conference in Spanish for Latin America, in which Rym Ayadi, Director of the Institute and the IRCCF, together with Inmaculada Buendía Martínez, Senior Research Associate at the IRCCF, and Rita Benavente, Administration Coordinator at BiblioMondo, respectively presented the results of the ongoing research into the Banking and Credit Cooperatives Business Models in Brazil; the results that were specific to the Latin American cooperatives in the study report Innovation: Priorities and practices in cooperatives (download the presentation on the Institute website); and finally, the new Cooperatives Gateway.