Volkscredietbank

Volkscredietbank NV, commonly shortened to VCB or VCB Bank NV, is a Surinamese bank focused on private individuals and small and medium-sized businesses. It was established as the Stichting Surinaamse Volkscredietbank (SVCB), with Governor Willem Huender delivering the opening address on 30 December 1948 and the bank opening its doors to the public on 3 January 1949. The founding purpose was to extend small credits to private persons and middle-class entrepreneurs, a segment that was then underserved by the larger commercial banks. The bank began with initial capital of 200,000 Surinamese guilders drawn from the Welvaartsfonds, and within two months the governor sought approval to raise that amount to 500,000 guilders. By 1950 it had lent two million guilders to citizens and again faced a shortage of working capital. Savings facilities were added in 1951. From its base in Paramaribo, the VCB expanded across Suriname. A branch office was set up in Nickerie in 1953, and a car was converted into a mobile "Rijdende Volkscredietbank" to reach customers outside the capital. Further branches followed in other parts of the country. In its first five years of existence the bank lent ten million guilders. Over the decades it remained a policy instrument for broadening access to credit and savings among ordinary Surinamese households and small traders. A long-discussed consolidation of Surinamese banks returned to the agenda in 2013. Initially the plan was to merge Landbouwbank with Hakrinbank, but it was later decided that Volkscredietbank would take over Landbouwbank. The formal transfer was signed at the Ministry of Finance on 14 December 2015, with two years planned for integration. The Agrarisch Kredietfonds (AKF) initially came to the VCB as part of the deal but was later moved to the Nationale Ontwikkelingsbank (NOB). Since the takeover of Landbouwbank, the VCB has operated as a naamloze vennootschap (public limited company). Today the bank markets itself as "De bank voor iedereen" (the bank for everyone) and offers current accounts, savings, loans, insurance and mobile banking. Its product range includes a student account with a giro account, debit card and access to Mobile Banking, and VenterPlus, a savings and credit programme designed for market vendors. The bank also acts as a distribution channel for Central Bank of Suriname certificates, accepting subscriptions from retail clients during announced windows. VCB Bank maintains a network of offices across Suriname and publishes indicative foreign-exchange rates on its website.

The initiative to create the Volkscredietbank (VCB) began in 1932, when a committee was appointed to examine whether lending money should be regulated by law. After advice was issued in 1933, the Staten van Suriname (colonial legislature) decided that a new credit facility should first be created. In 1947 a committee working with the Department of Social Affairs submitted a new draft, and the decision to establish the bank was taken. Governor Willem Huender delivered the opening address on 30 December 1948, and the bank opened to the public on 3 January 1949. The newspaper Het Nieuws described opening day as an "assault" because of the high number of visitors, some 350 people. The bank was founded as the Stichting Surinaamse Volkscredietbank. Its purpose was to provide small credits to private individuals and middle-class entrepreneurs. In his speech Huender stressed that the bank was not to be a charitable institution and must not make a loss. For these credits the VCB charged eighteen percent interest, compared with nine percent at De Surinaamsche Bank at the time. The bank's resources came from the Welvaartsfonds. It started with initial capital of 200,000 Surinamese guilders. After two months the governor asked the Staten to approve raising this amount to 500,000 guilders. By 1950 two million guilders had been lent to citizens, and there was again a shortage of working capital. Since 1951 the VCB has also offered savings. The VCB did not receive all its financing from the government but also borrowed for that purpose. In 1953 an office was set up in Nickerie and a car was converted into a mobile "Rijdende Volkscredietbank". Branches in other parts of the country followed later. In the first five years of its existence the VCB lent ten million guilders. From the 1990s there was discussion of merging Surinamese banks, and in 2013 this was again on the agenda. Initially the intention was to merge Landbouwbank with Hakrinbank. Later it was decided that Volkscredietbank would take over Landbouwbank. The formal transfer was signed on 14 December 2015 at the Ministry of Finance. Two years were planned for the integration. As a result of this, the Agrarisch Kredietfonds (AKF) initially also came to the VCB, but it later went to the Nationale Ontwikkelingsbank (NOB). Since the takeover of Landbouwbank, the VCB has been a naamloze vennootschap (public limited company). In the present day the bank operates under the VCB Bank name and presents itself as "De bank voor iedereen". Its website advertises current accounts, loans, savings, insurance and mobile banking, along with a student account and the VenterPlus programme for market vendors. It also serves as a subscription channel for Central Bank of Suriname certificates for the retail segment, with announced subscription periods and contact through its offices.

• 2015

  Formal transfer of Landbouwbank to Volkscredietbank is signed on 14 December at the Ministry of Finance.

• 2013

  Bank consolidation returns to the agenda; initially Landbouwbank and Hakrinbank were to merge.

• 1953

  An office is set up in Nickerie and a car is converted into the mobile Rijdende Volkscredietbank.

• 1951

  Savings facilities are introduced at the VCB.

• 1950

  Two million guilders have been lent to citizens, and working capital is again short.

• 1949

  The bank opens to the public on 3 January; around 350 visitors arrive on opening day.

• 1948

  Governor Willem Huender delivers the opening address on 30 December.

• 1947

  A committee with the Department of Social Affairs submits a new draft, leading to the decision to found the bank.

• 1933

  Advice is issued, and the Staten van Suriname decides a new credit facility should first be created.

• 1932

  A committee is appointed to investigate whether money lending should be regulated by law.

A mass-market retail bank for private individuals and small businesses, marketed as "De bank voor iedereen" (the bank for everyone).

• Studentenrekening (student account)

  A student account with its own giro account, debit card and access to Mobile Banking.

• VenterPlus

  A savings and credit programme for active market vendors, designed to build a stable financial base and provide access to affordable credit.

• Mobile Banking

  Digital banking access offered alongside accounts and cards.

• Central Bank certificate subscriptions

  The bank accepts retail subscriptions for Central Bank of Suriname certificates during announced periods.

1. 1VCBBank – De bank voor iedereen.vcbbank.sr
2. 2Volkscredietbank – Wikidatawikidata.org
3. 3Volkscredietbank – Wikipedia (Dutch)nl.wikipedia.org