Caja Laboral
Encyclopedia
Caja Laboral Popular Sociedad Cooperativa de Credito or Caja Laboral is a Spanish credit union
established in 1959 as part of the Mondragon Corporation and headquartered in Mondragón
, in the Basque Country
of Spain
. The major financial provider behind the Basque cooperative movement, Caja Laboral covers the financial segment of Mondragon and provides banking and financial services to its customers through a network of over 370 branch offices in the Basque Country and beyond. With over 1800 employees - who are actually the partners-owners of the bank following the cooperative philosophy of shared ownership and stewardship - Caja Laboral generates annual revenue in excess of €330 million.
Together with its sister social assurance company Lagun Aro, Caja Laboral spearheads the Financial Group of the Mondragon Corporation, which according to company sources 'operates autonomously within the framework of a sole joint strategy'. It was the first Spanish financial institution to open its branches in the late afternoons/early evenings.
Caja Laboral was mostly unaffected by the 2008 financial crisis, though they did have €162 million in bonds from Lehman Brothers
. Effective with the 2009–10 basketball
season, Caja Laboral became the new sponsors of Liga ACB and Euroleague club Saski Baskonia
.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
established in 1959 as part of the Mondragon Corporation and headquartered in Mondragón
Mondragón
Arrasate or Mondragón - is a town and municipality in Gipuzkoa province, Basque Country, Spain...
, in the Basque Country
Basque Country (autonomous community)
The Basque Country is an autonomous community of northern Spain. It includes the Basque provinces of Álava, Biscay and Gipuzkoa, also called Historical Territories....
of Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
. The major financial provider behind the Basque cooperative movement, Caja Laboral covers the financial segment of Mondragon and provides banking and financial services to its customers through a network of over 370 branch offices in the Basque Country and beyond. With over 1800 employees - who are actually the partners-owners of the bank following the cooperative philosophy of shared ownership and stewardship - Caja Laboral generates annual revenue in excess of €330 million.
Together with its sister social assurance company Lagun Aro, Caja Laboral spearheads the Financial Group of the Mondragon Corporation, which according to company sources 'operates autonomously within the framework of a sole joint strategy'. It was the first Spanish financial institution to open its branches in the late afternoons/early evenings.
Caja Laboral was mostly unaffected by the 2008 financial crisis, though they did have €162 million in bonds from Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
. Effective with the 2009–10 basketball
Basketball
Basketball is a team sport in which two teams of five players try to score points by throwing or "shooting" a ball through the top of a basketball hoop while following a set of rules...
season, Caja Laboral became the new sponsors of Liga ACB and Euroleague club Saski Baskonia
Saski Baskonia
Saski Baskonia, S.A.D., known as Caja Laboral for sponsorship reasons, is a Spanish professional basketball club from the Basque city of Vitoria-Gasteiz, Spain...
.
External links
Further reading
- Freunlich, Fred. An introduction to MCC and the evolving role of Caja Laboral.