SECU welcomes Chinese banking delegation
Raleigh, NC, November 2 – State Employees’ Credit Union (SECU) recently hosted members of a Chinese Banking Delegation who were interested in learning more about the philosophy, practices, strategy and innovation of the not-for-profit cooperative. The group of 17 emerging financial leaders are members of the Youth Federation of China, an association of the Chinese government for rising leaders of the nation. The delegation is the second group from China to visit the Credit Union in recent years. This year’s visit also included a tour of a local branch and SECU’s Information Services area. SECU President Jim Blaine and Senior Executive Vice President Bobby Hall were among the Credit Union officers who met with the group.
The visiting delegates were in North Carolina for a five-day training program through NC State University’s Global Training Initiative, designed to enhance international relationships among businesses in North Carolina through short-term international programs. The group represented three of China’s “Big Four” state-owned commercial banks, including Industrial and Commercial Bank of China (ICBC), Agricultural Development Bank of China (ADBC) and China Construction Bank (CCB), as well as Export-Import Bank of China, a leader in export financing. With China’s very active and competitive financial system, the emerging leaders were interested in learning more about automation, internet account access and mobile access programs in the United States.
ICBC, with over $2 trillion in assets, recently purchased a bank in the United States with plans to expand its franchise. Both SECU and Chinese banking representatives noted many similarities in underwriting of vehicle, mortgage and credit card loans, while acknowledging higher savings rates available in China.
Delegation leader Mr. Zhou Bo of China Construction Bank comments, “We sincerely appreciate the reception of the State Employees’ Credit Union leadership and the opportunity for questions and discussion. Compared to the banks in China, State Employees’ Credit Union is a very unique institution in terms of its purpose, ownership and management. The principle at SECU of ‘high quality service with low cost’ should be the driving force for every financial institution, even in China.”
Jim Blaine, SECU President responds, “We are pleased to partner with North Carolina State University to share the philosophy, purpose and benefits of a financial cooperative with the visiting delegation. This visit really offered these emerging leaders the opportunity to see how SECU’s unique not-for-profit model functions in today’s financial marketplace through its practices, strategies and innovative services.”
SECU is a not-for-profit financial cooperative owned by its members. SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for 75 years. With close to 1.8 million members, SECU provides services through 245 branch offices, nearly 1,200 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.
SECU President Jim Blaine leads the discussion