Among the topics of discussion was the newly-formed Baltic Services Company, a venture spearheaded by the Estonian Union of Credit Cooperatives, three of its member institutions, the Virginia League, and others to provide Estonian credit unions with access to the central banking system for Eastern Europe. The company could serve credit unions in Latvia and Lithuania.
"It was truly amazing to be part of this historic international agreement," said Virginia Credit Union League President Rick Pillow. "This agreement better positions our partner credit unions in Estonia for success, ensuring they're able to learn from the successes of credit unions in Latvia and Lithuania, while also being able to cooperatively work toward solutions to shared challenges."
The Virginia League and the Estonian Union of Credit Cooperatives have had a formal partnership since 2008 through the World Council of Credit Unions' International Partnerships Program. This new information-sharing agreement between the Virginia League and the credit union systems in the three Baltic nations marks the first-ever formal international agreement between such organizations signed in Eastern Europe.
It is hoped that the information sharing agreement will lead to positive legislation and regulation for the credit unions in the three nations, training for credit union staff members, new marketing opportunities, and more efficient operations.