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History

By the late seventies, after winning the arm of the military dictatorship and modifying a law that prevented the Credit Unions from acting in the provision of banking services in Argentina, small unions formed themselves regionally and constituted new stronger and stronger democratic organizations.

That is how over twenty union Banks from the IMFC - Mobilizing Institute of Cooperative Funds were born, a kind of National Credit Union Confederation.

Almost simultaneously along this process, the first International Credit Cards have emerged in the region at the hands of large local financial groups.

The Credit Card was already seen as a strategic tool that would be relevant to the provision of financial services to people and businesses. The union Banks decided to create their own flag and commissioned this challenge to IMFC. Thus was born, in 1980, the Cabal Credit Card.

Many were the difficulties; there was no record of cooperative Credit Card in the world.

With an already highly competitive market, international credit card flags had the support from major commercial banks, in addition to resources for development and marketing that over passed the resources of the cooperative movement.

Launched from the cooperative movement, but operating as an open flag in the style of the major brands, Cabal Card expanded its presence to most part of Argentine financial system.

Cabal Card has thus achieved its first major mission: Being a tool that would enable cooperative entities to compete with the major commercial banks through strategic independency, while being loyal to its nature and its own view on economic instruments placed at the service of people.

The close ties of affinity and sympathy between cooperative credit movements from different countries in the region and the increasing demands of globalization helped to find coincidences and grounds for mutual support.

Therefore, Cabal Flag arrived at Uruguay, Paraguay and Brazil. Now, Cabal System is seen as a solid and diversified means of payment system, over seventy banks and entities of all types becoming integrated to Cabal.

The operation of Cabal Card in Brazil ensures its final integration thorough Mercosur. Moreover, it represents a huge step towards greater integration of the entire cooperative credit system in Latin America.

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