COK launches $300-M Deferred Share Offer

by / Saturday, 18 May 2013 / Published in News

COK Sodality Co-operative Credit Union yesterday launched its $300-million deferred share offer that will offer variable interest rates starting at 7.85 per cent.

Excerpts from the CEO’s Speech

 

As the pressures of the severe global recession of the past few years has intensified many companies have had to re-invent themselves and in so doing seek out and capitalise on new opportunities.  COK Sodality Co-operative Credit Union within that framework also has to reinvent itself to continue to remain strong and relevant in continuing to meet the needs of its member.  I have often been reminded of the Business Author, International Lecturer and Consultant, Chin-Ning Chu, who declared that, “without the strength to endure the crisis, one will not see the opportunity within. It is within the process of endurance that opportunity reveals itself.”

 

 

The marketplace would be aware that COK Sodality has been using the strength that we have built up over many years to help us endure the threats brought by the recession, while also using it to assist in seizing the opportunities that are also an inherent part of any threatening conditions.

 

Among the steps that we have taken toward capitalizing on such opportunities was the announcement… approximately eight (8) months ago… that our credit union had formed a strategic alliance with MoneyMasters Limited – an organisation which boasts an impressive level of investment expertise, twinned with a sound track record, within the investment marketplace

That alliance was part of our strategic positioning of COK Sodality for growth – a positioning which is designed, ultimately, to ensure the ability of our members to grow wealth in a sustainable manner… by giving them access, in a cost-effective way, to an expanded suite of investment instruments that are not always available through the credit union.  This alliance is also part COK sodality’s strategy of income diversification.

Today, we are here to launch a new product which will see COK Sodality Co-operative Credit Union and MoneyMasters Limited offering tangible proof of just what our strategic alliance can mean.

For the first time in the 44-year history of Jamaica’s biggest credit union, COK Sodality is making a Deferred Shares Offer… about which you will hear in detail in a moment from the MML President.  However, I must say that the offer of this product, known as  the “Wealth Supreme”,  marks another seminal moment in the Credit Union’s efforts to reposition and establish itself as a one-stop financial organisation, which has sophisticated financial products.

We are convinced that an offer such as this will provide many within the ranks of our current and potential membership with what they need from their credit union to be even more involved in the investment marketplace…

This Offer – which is designed to raise $300-million – will strengthen the capital base of the COK Sodality Co-operative Credit Union, enabling us to continue our business line diversification strategies and expansion into new segments, specifically the home ownership and business micro finance lines.  This will, in turn, help us to build sustainable Member value.

We believe that an investment such as this unique Deferred Shares offer, also opens up the opportunity to swell the membership of a co-operative sector which has proven its ability, over and over again, to meet member needs

 

 

 

 

 

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