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Credit Union League of Thailand, Limited (CULT)


Brief History

1965 first credit union was established with the name "Soon Klang Thewa Credit Union"

1966 the Catholic Council for Social Development who sponsored credit union organizing and extension approved to established the Committee of Credit Union in Thailand and responsible for all credit union promotion

1969 established the credit Union Center of Thailand, its office was in the same building of Soon Klang Thewa Sssociation, its function was to promote organization of credit union chapter in each region that could organize national organization.

1970 the Credit Union Center of Thailand was the associate member of the Asian Confederation of Credit Unions (ACCU)

1971 the representatives from 60 credit unions all over Thailand attended the meeting at Xavier hall in Bangkok, to organize the Credit Union Nation Federation of Thailand or CUNAFT. The Executive Board was selected from the representatives attended.

In 1973, ACCU was accepted the Credit Union Center of Thailand was accepted as regular member by ACCU.

1974 the CUNAFT changed its name to the Credit Union League of Thailand, Ltd. (CULT). Loan Protection and Life Saving Program from CUNA Mutual were launched in Thailand.

1977 MISEREOR, one of donor agencies in Germany granted the fund for CULT Building, That was the nation league's first office and training center located at Ramkhamhaeng Road, Bangkok

1978 CULT office was moved from Soon Klang Thewa to new home.

1979 the Credit Union movement in Thailand was legally accepted by the government and registered under the Cooperatives Law and supervised by the Cooperative Promotion Department, the Ministry of Agriculture and Cooperatives.

DREAM

To promote and support the credit union movement in Thailand based on the ideologies of commitment, interesting, caring, Sharing and serving including with values of honesty, sacrifice, responsibility, sympathy and trustworthy. To promote human development through the practice of self help

And mutual help to achieving the aspects of i.e. human development, mentally, for being a good people and having good values, economic, for better condition of life and social, for a peace living.

VISION

CULT is the national organization responsible for organizing and developing all credit unions as financial institution of the community. CULT is center for education, protection of members interest and welfare through insurance provision. This is carried out for human socio-economic development through the practice of cooperative principles.

MISSION

  1. Promotion, extension, organization and development of credit unions in all types of communities
  2. Supporting and developing credit union personal to be more knowledgeable, skillful desirable attitude and wide range of experience.
  3. Providing financial support.
  4. Providing Loan Protection and life Saving insurance or other security program for individual members and credit union.
  5. Setting up information technology process and other information service for credit unions and public relation of the movement.
  6. Providing an audit advice and legal service.
  7. Operating as a center for marketing and promotion of products from member
  8. Develop CULT itself and regional organization to work more effectively.
  9. Represently the national credit union by coordination with person and organization both in Thailand and aboard, government and non-government organizations in order to protect and secure the interest of the credit union movement.

Address

:

56/2 Moo 3, Ramkhamhaeng Rd., (sukhapiban 3) Saphansoong, Bkk.10240 Thailand

Tel

:

(66) (02) 373-0020-1, 373-0150-1

Fax

:

(66) (02) 373-0022

E-mail

:

cultsmed@hotmail.com
www.cultthai.com

Member of Credit Union League of Thailand

The Status of Credit Union As of June, 2003

Number of Credit Unions

839

Credit/group

Number of Members

383,234 Person


Share Capital

3,300,414,211

Baht


82,510,355

USD

Reserve Fund

434,144,334.41

Baht


10,853,608

USD

Loan Outstanding

4,956,210,746.39

Baht


123,905268

USD

Assets

7,167,240,352.25

Baht


179,181,008

USD


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