Nov 22 2018

Some Reasons Why We Invested Our Savings in Coopenae

Updated November 22, 2018

Why invest in Coopenae?

by Asdrúbal Zamora Corrales

In Costa Rica there are several supervised credit unions, most of which are local and very small.  Each credit union has very different financial numbers. Coopenae is the Teachers Credit Union, the largest credit union and the most well-known. We provide internet services to half of all credit unions. We are the safest place to invest among all financial market in Costa Rica.

Coopenae offers you three impressive benefits:

Safety, lowest financial risk in Costa Rica and good interest rates.

Most relevant aspects:

  • Rated by: one of top 3 and well-known international US rating companies (Fitch Ratings)
    • Short term: F1 (+) : best possible rate, (+) means an outstanding liquidity,
    • Long term: AA- : between AA and AAA, expectation of very low risk; the risk differs very little from the Financial Institutions with the highest rating possible in Costa Rica.
  • Supervised by: the Costa Rica Government through SUGEF (General Superintendence of Financial Entities): global qualification: rated within 1.05 and 1.15 for the last decade, where 1.00 is the best possible financial rate in Costa Rica.
  • Audited by: one of top 3 and well-known US international audit companies (KPMG Peat Marwick – Dec. 2017, a well-known worldwide audit US Company, with presence in more than 150 countries all over the world).
  • Ranking:
    • Within top 4 ranked private financial companies in Latin America (Assets)
    • Within top 4 ranked private financial companies in Costa Rica (Equity)
    • Within top 3 ranked most profitable private financial companies in Costa Rica.
  • Credit default rate: has been very low for the last 17 years
  • Capital Adequacy Ratio (CAR): has been over 19% for the last decade, which means your money is there when you need it.
  • Members: more than 116.000 members as of October 2018
  • Target market: government employees (all government sectors)
  • Experience: more than 51 years in the local financial market in Costa Rica
  • Target market:
    • Loans: personal loans mostly to government employees (our average personal loan rate is 19%)
    • Savings: interest rates always higher than regular banks (state & private).

Excerpts from Fitch Ratings Report Regarding Coopenae – June 4, 2018

The ‘AA- (cri)’ rating of Coopenae’s business model, including its competitive position within the Costa Rican financial system. The ratings are also moderately influenced by robust capitalization, the quality of good loans, the structure of concentration in certificates of deposit, good liquidity and profitability.

The credit union focuses on the activities of the public sector, mainly in the education sector, monitoring other employees of the public sector as well, to a lesser extent, private. This has to do with the performance of the institution.

The capitalization of Coopenae is robust. As of March 2018, Fitch’s Bfitchratingsheadlogoase Capital indicator on risk-weighted assets was 19.9%. In this way, the equity benefits from the constant contributions that its members operate in a mandatory manner. These contributions correspond to 1.5% of the monthly return of each member and 2% of the amount disbursed for each loan granted. It is expected that high levels of capital will be at least 20% in the foreseeable future, favored by the aforementioned capitalization structure.

Coopenae maintains a good quality of loans, which has been updated mainly in indicators of default over 90 days of 1.0%, which is very favorable with respect to the credit union system and its closest peers. This quality is based on automatic discount mechanisms through pay roll in 71% of the total credits granted and the desire to be fairer in the future.

The liquidity of the credit union is good. As of March 2018, its indicator of loans to deposits was 126%, slightly higher than the historical average of the period 2013 to 2017 of 116%, although, for its part, the liquid assets (cash, equivalents and investments available for sale) they represented 46.5% of total deposits. Coopenae operates naturally with mismatches of terms in its bands under one year, a situation that it shares with most financial institutions, which is feasible thanks to the stability of deposits.

The profitability of the credit union is expected to remain moderate and predictable, based on moderate net interest margin, good operating efficiency, provision expenses. Also, there is a diversification of low income lines, characteristic of the Costa Rican credit union system although there is a potential for improvement.


We feel an obligation to regularly inform our Members (current and potential) on our performance in order to have the possibility to follow up on the results that are obtained. That is why Coopenae is the largest Costa Rican supervised private financial company and the 3rd largest in Latin America.

Current (2018) Certificates of Deposit Rates for Investments in Colones:

Asdrúbal Zamora Corrales
Investment Advisor & Expat Liaison
Coopenae Credit Union
Cell Phone (+506) 8811-1602
Corporate Email:


View and/or download Coopenae’s corporate presentation below:

Download (PDF, 755KB)


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