Financial cooperative opens new branch in Manaus, the 8th in Amazonas

Manaus (AM) — In continuation of its expansion plan, Sicredi opened its 3rd branch in Manaus this Tuesday (27). Located at Avenida Autaz Mirim, no. 7,365, in the Tancredo Neves neighborhood, the cooperative financial institution reaches the East Zone of the city, a region with great potential and can help people realize their dreams and business prosperity. The opening of another service point confirms Sicredi’s commitment to being increasingly closer to its members and contributing to the development of the communities where it is present.

In Amazonas, since 2020, the financial cooperative has around 15,900 members. It currently maintains a physical agency in seven cities (Manaus, Parintins, Itacoatiara, Manacapuru, Guajará, Boca do Acre and Humaitá, and in the latter, despite not yet having an agency, there is already service for members). The agency is under construction and is expected to open in March this year.

The branch in the East Zone of Manaus has 313 square meters, with simple and close service, with specialized consultancy and according to the needs of members. It has self-service terminals and its own parking, for more convenience. Sicredi arrives to get even closer to micro-entrepreneurs and small businesses and support business development through a mix of financial solutions for this audience and for individuals and rural producers.

Considered one of the most populous regions of the capital of Amazonas, the East Zone is home to around half a million inhabitants. It concentrates a large number of enterprises, being a strong commercial hub in Manaus. According to data from the Federal Revenue Service, 26% of the Capital’s enterprises operate in the region, with emphasis on the commerce sector. Of the more than 43,800 companies active in the East Zone, 21% are in commerce.

“The presence and performance of credit cooperatives only adds to the communities, and as our mission is to transform, develop and bring prosperity, we increased our presence in Manaus to make a difference in the lives of people, companies and the community as one all”,

says president Sérgio Dezordi.

The agency’s inauguration event was attended by state deputies Adjuto Afonso, Professor Sinésio Campos, the director-president of the Amazonas State Development Agency (Afeam), Marcos Vinícius Castro, among other authorities and representatives of the productive sector.

History of prosperity

With 121 years of operation, Sicredi is the first cooperative financial institution in Brazil. There are more than 7.5 million members in the country. Present in all Brazilian states and the Federal District, there are more than 2.6 thousand branches and service points in operation in more than 1.9 thousand municipalities. In around 200 cities, Sicredi is the only financial institution present.

With more than R$232.2 billion in assets, it has a net worth of R$36.9 billion. Total deposits total R$ 221.2 billion and the credit portfolio reaches R$ 206.5 billion, according to data from November 2023. It has several awards and recognitions, with emphasis on the recent BNDES Financial Agents Ranking which highlighted Sicredi as the main financial agent in granting Bank resources in 2023.

In 2022, Sicredi recorded R$5.9 billion in results across the country, an increase of 24% over the previous year. Part of this value went back to members – a difference between credit unions –, in proportion to their transactions.

Positive impact

Sicredi’s actions benefit not only its members, but also reflect on the entire community. Research carried out in partnership with the Fundação Instituto de Pesquisas Econômicas (Fipe), shows that cooperativism increases the GDP per capita of municipalities by 5.6%, creates 6.2% more formal job vacancies and increases the number of commercial establishments in 15.7%, stimulating local entrepreneurship.

Other research reveals that the physical presence of financial institutions effectively contributes to the financial inclusion of communities. The 4th study in the series “Benefits of Credit Cooperativism” called “The Effectiveness of Cooperativism”, carried out by Sicredi with the support of researcher Juliano Assunção, from the Pontifical Catholic University of Rio de Janeiro (PUC-Rio), specialist in Applied Microeconomics and Development Economical, it shows that the behavior of members changes when they start to rely on an agency in their municipality.

According to the research, the average use of products grows by 25% in two years, when compared to active members in municipalities without physical service. After five years, each member is served with an average of seven financial products.

*With information from consultancy

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