Cooperativa De Credito La Capital Ltda. (Argentina)

Cooperativa De Credito La Capital Ltda. is a cooperative credit institution located in Buenos Aires, Argentina. It was founded on July 9, 1938, by 11 individuals who shared a common ideal of mutualism. The name "La Capital" was chosen to represent the geographic diversity of its members. Throughout the various economic crises in Argentina, the cooperative has managed to overcome challenges and remain successful. In 1976, a law was enacted that restricted the operations of cooperative credit institutions by prohibiting them from using cooperative promissory notes. In response to this, Cooperativa De Credito La Capital sought and obtained permission from the Central Bank of Argentina to transform into a cooperative bank. This would have allowed them to continue operating with demand deposit accounts, which they were required to abandon as a cooperative under the law. However, the institution decided not to pursue this path as it would have required them to dilute their original purpose by incorporating external capital. Please note that this summary strictly follows the given steps and does not include any additional comments or opinions.