WOCCU CEO Resigns

Madison, WI— World Council of Credit Unions, Inc. announces the resignation of CEO, Arthur Arnold effective January 1, 2005. After 5 years at the helm of the international organization that represents credit union movements around the world Arnold decided not to extend his employment contract with World Council.

Arnold, who will be returning to his native Netherlands explained, "After having dedicated 5 years of my life to WOCCU, I have to find the right balance in life again. Without my family's support I wouldn't have been able to work for WOCCU the way I did. For that I am very grateful to them."

Arnold will become the new CEO of FMO (Finance for Development), the International Development Bank of the Netherlands, effective January 1st, 2005. FMO is a unique partnership owned by the public sector, the Dutch Government and the private sector—the business community, banks and labor unions in the Netherlands. FMO provides loans, takes equity participations and provides technical assistance, for more than $2 billion to 40 developing countries and emerging markets in the world.

"We have come a long way with WOCCU during these last 5 years. Today is a very different WOCCU from 5 years ago: stronger from all points of view and well respected in the world for creating value for its member organizations, their credit unions and their members," Arnold continued.

He explained, "For me it has been an incredible journey. There is nothing more rewarding than being able to combine your passion with your work. I thank you all for the support and dedication you have given to WOCCU and to myself, in making WOCCU to what it is today. Together we are doing the job. I am sure that all of you together will continue to make WOCCU into a success, making WOCCU's vision: "Quality Credit Unions for Every One" come true."

L.R. (Bobby) McVeigh, WOCCU Board Chairman stated, "On behalf of the board of directors I would like to take this time to thank Arthur for his commitment to the international credit union system. The initiatives completed in the last four years have been truly remarkable and we wish him well in his new endeavors."

The World Council board of directors is currently forming a search committee to replace Arnold.

World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.

World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 51,000 credit unions in 100 countries serve 196 million people. Learn more about World Council's impact around the world at www.woccu.org.