Ecuador: SCPM allows Savings Co-ops merger

The Cooperativa de Ahorro y Credito Juventud Ecuatoriana Progresista (JEP) Co-operative savings bank has gained authorization from Ecuador’s Superintendence of Market Power Control (SCPM) to carry out a planned merger with its peer, the NCO Cooperative of Savings and Credit of the National Police. The merger still requires authorization by the Superintendence of Popular and Solidary Economy.

With this process, the SCPM declared, the JEP cooperative could absorb all of the assets, liabilities and capital of the NCO Cooperative of the National Police.

Both superintendencies have signed cooperation agreements to expedite their analysis and give quick response to the cooperatives as they plan their merger.