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.

El Consejo Mundial de Cooperativas de Ahorro y Crédito es la asociación gremial y agencia de desarrollo para el sistema internacional de cooperativas de ahorro y crédito. El Consejo Mundial promueve el crecimiento sustentable de las cooperativas de ahorro y crédito y otras cooperativas financieras en todo el mundo a fin de facultar a las personas para que mejoren su calidad de vida a través del acceso a servicios financieros asequibles y de alta calidad. El Consejo Mundial realiza esfuerzos de defensa activa en representación del sistema global de las cooperativas de ahorro y crédito ante organizaciones internacionales y trabaja con gobiernos nacionales para mejorar la legislación y la regulación. Sus programas de asistencia técnica introducen nuevas herramientas y tecnologías para fortalecer el desempeño financiero de las cooperativas de ahorro y crédito y profundizar su alcance comunitario.

El Consejo Mundial ha implementado 290 programas de asistencia técnica en 71 países. A nivel mundial, 51,000 cooperativas de ahorro y crédito en 100 países atienden a 196 millones de personas. Obtenga más información sobre el impacto global del Consejo Mundial en www.woccu.org.