Caja Laboral Popular Cooperativa de Crédito or Caja Laboral (Workers' Credit Union) was a Spanish credit union established in 1959 as part of the

Mondragon Corporation The Mondragon Corporation is a corporation and federation of worker cooperatives based in the Basque region of Spain. It was founded in the town of Mondragon in 1956 by José María Arizmendiarrieta and a group of his students at a technical ...

and headquartered in Mondragón, in the

Basque Country Basque Country may refer to: * Basque Country (autonomous community), as used in Spain ( es, País Vasco, link=no), also called , an Autonomous communities of Spain, autonomous community of Spain (shown in pink on the map) * French Basque Country o ...

of Spain. The major financial provider behind the Basque cooperative movement, Caja Laboral covers the financial segment of Mondragon and provides banking and financial services to its customers through a network of over 370 branch offices in the Basque Country and beyond. With over 1800 employees – who are actually the partners-owners of the bank following the cooperative philosophy of shared ownership and stewardship - Caja Laboral generates annual revenue in excess of €330 million. Together with its sister social assurance company Lagun Aro, Caja Laboral spearheaded the Financial Group of the

, which according to company sources 'operates autonomously within the framework of a sole joint strategy'. It was the first Spanish financial institution to open its branches in the late afternoons/early evenings. Caja Laboral was mostly unaffected by the

2008 financial crisis 8 (eight) is the natural number following 7 and preceding 9. In mathematics 8 is: * a composite number, its proper divisors being , , and . It is twice 4 or four times 2. * a power of two, being 2 (two cubed), and is the first number of t ...

, though they did have €162 million in bonds from Lehman Brothers. Effective with the 2009–10 basketball season, Caja Laboral became the new sponsors of

Liga ACB The Liga ACB, known as Liga Endesa for sponsorship reasons, is the top professional basketball division of the Spanish basketball league system. Administrated by the Asociación de Clubs de Baloncesto (ACB), Liga ACB is contested by 18 teams, wi ...

and Euroleague club

Saski Baskonia Club Deportivo Saski-Baskonia, S.A.D., commonly known as Saski Baskonia (), also known as Cazoo Baskonia for sponsorship reasons, is a professional basketball team that is based in Vitoria-Gasteiz, Spain. The team plays in the Liga ACB and the ...

. In 2013, Adicae claimed that there were 35,000 affected, although the affected association claimed to have around 1,000 members of which 316 have formalized their complaint at the Basque Government's Basque Institute of Consumer Affairs (Kontsumobide), which is the one that intervenes ex officio as mediator between the different parties involved.

References

External links

Caja Laboral website

Mondragon Cooperative Corporation website

References

External links

Further reading