Question 1

What is San Cristóbal Ltda.?

Accepted Answer

San Cristóbal Ltda. is a multi-activity savings and credit cooperative in Paraguay, providing financial services, healthcare, and social benefits to its members. Founded in 1966, it is one of the older cooperatives in Paraguay and is classified as Type A under the Instituto Nacional de Cooperativismo (INCOOP) classification system, indicating it is among the larger cooperatives by asset size. San Cristóbal has experienced significant operational challenges in recent years but continues to serve thousands of members across Paraguay.

Question 2

When was San Cristóbal Ltda. founded?

Accepted Answer

San Cristóbal Ltda. was founded on June 19, 1966, in Asunción, Paraguay, during a constituent assembly with 102 founding members. The cooperative was established with the support of Canadian priests who brought cooperative methodologies from Canada, with the specific mission of providing credit access to humble communities that were excluded from traditional banking services.

The cooperative obtained its legal personality (Personería Jurídica) on February 28, 1967, through Decree No. 24,773, officially authorizing it to begin operations.

Question 3

Where is San Cristóbal Ltda. headquartered?

Accepted Answer

San Cristóbal Ltda. has its Casa Matriz (main headquarters) located at Denis Roa 396 corner of Del Maestro in Asunción, Paraguay. The cooperative also operates a Centro Médico (Medical Center) at the intersection of Del Maestro and Dr. Caballero in Asunción, and a social, sports, and recreational headquarters (Sede Social) in Luque, on the Limpio-Luque route in the Montaña Alta area.

Question 4

Where does San Cristóbal Ltda. operate?

Accepted Answer

San Cristóbal operates through a network of branches across Paraguay:

Greater Asunción Area:
• Casa Matriz (Central Asunción)
• Sucursal Santa María (Asunción)
• Sucursal Virgen del Pilar (Shopping Multiplaza, Asunción)
• Sucursal Luque
• Sucursal San Lorenzo (Shopping location)

Interior Locations:
• Sucursal Ciudad del Este KM 4
• Sucursal San Estanislao
• Sucursal Santaní
• Sucursal Caaguazú

Approximately 78.87% of the cooperative's members come from Gran Asunción, with 21.13% from the interior of Paraguay. The cooperative reduced its branch network from 11 branches in 2022 to 9 branches by 2023 as part of operational adjustments.

Question 5

What services does San Cristóbal Ltda. offer?

Accepted Answer

San Cristóbal provides a comprehensive range of financial and non-financial services:

Financial Services:
• Savings Accounts: Demand deposits (Cajas de Ahorro a la Vista), fixed-term savings, programmed savings, savings with income, and auto-canceling savings wheels
• Credit Products: Personal loans, commercial loans, investment loans, mortgages, educational loans, vehicle loans, corporate loans, MiPyme (micro and small business) loans
• Credit Cards: Cabal San Lorenzo card accepted throughout Paraguay and Mercosur

Non-Financial Services:
• Medical Center: Primary healthcare services with consultations Monday-Friday (7:00-18:30) and Saturday mornings
• Solidarity Benefits: Financial support for births, marriages, university graduation, silver and golden wedding anniversaries, eyeglass purchases, hospitalizations, surgeries, funeral services, and deaths
• Biblioteca Pytyvo: Library with encyclopedias, national authors, audiovisual materials, internet service, and printing
• Social Headquarters: Facilities including quincho areas, sports complex, soccer field, and parking for social, cultural, and recreational events

Digital Services:
• San Cristóbal Online: Web-based banking platform
• Mobile App: Account management and banking services via smartphone

In 2023, the cooperative granted subsidies to 5,804 members and the Medical Center provided attention to 59,706 patients. The library served 648 members during the year.

Question 6

What makes San Cristóbal Ltda. unique?

Accepted Answer

San Cristóbal is distinctive for its comprehensive approach to member welfare, extending beyond financial services to include healthcare, social support, and recreational facilities. The cooperative's Medical Center provides healthcare coverage for internations, medical studies, and interventions, addressing a critical need for accessible healthcare among its membership.

The cooperative's founding mission—to serve humble communities excluded from traditional banking—remains central to its identity. Its social programs demonstrate commitment to supporting members throughout life events, from birth to death, embodying the cooperative principle of concern for community.

However, San Cristóbal has faced significant challenges in recent years, including financial losses, reduced membership, and operational difficulties that led to INCOOP intervention in 2022. The cooperative has implemented recovery plans focusing on membership strengthening, product development, leadership capacity building, staff training, and technological improvements.

Question 7

What type of financial institution is San Cristóbal Ltda.?

Accepted Answer

San Cristóbal Ltda. is a Cooperativa Multiactiva de Ahorro y Crédito, Servicios, Consumo y Producción (C.M. - Multi-activity Cooperative of Savings and Credit, Services, Consumption, and Production) classified as Type A in Paraguay. This classification indicates it is among the largest cooperatives by asset level under INCOOP's typology.

As a Type A cooperative, San Cristóbal is subject to enhanced regulatory scrutiny due to its size and systemic importance. It operates under Law 438/94 (Cooperatives Law) and subsequent amendments, including Law 5,501/15. Unlike banks and finance companies supervised by the Central Bank of Paraguay's Superintendence of Banks (SIB), cooperatives are regulated and supervised by INCOOP, which oversees all cooperatives regardless of activity type.

The cooperative structure means San Cristóbal is owned and democratically controlled by its members, who each have one vote regardless of their capital contribution. Surpluses are either reinvested in the cooperative or distributed to members in proportion to their use of services, rather than their capital investment.

Question 8

What challenges has San Cristóbal Ltda. faced recently?

Accepted Answer

San Cristóbal has experienced significant operational and financial difficulties in recent years. The cooperative registered losses of 23,351 million Guaraníes in 2023, with deficit performance indicators. It has faced declining membership, reduced savings deposits, portfolio deterioration, and low liquidity.

These challenges led INCOOP to intervene in 2022 through Resolution No. 25,619/22, implementing an Action Plan focused on three axes: capitalization, administrative rationalization, and institutional image. The cooperative has worked to recover credits, maintain membership, secure external financing sources, and improve its technological platform for risk classification.

Despite these difficulties, San Cristóbal continues operations and has implemented campaigns to promote credit portfolio management, including resolutions facilitating loan refinancing and offering payment benefits and facilities to support member recovery.

Question 9

What is San Cristóbal Ltda.'s current financial situation?

Accepted Answer

As of December 2023, San Cristóbal held a risk rating of pyB+ with Stable outlook from Solventa & Riskmetrica, reflecting ongoing challenges. The cooperative's total assets decreased from previous years, and it registered operational losses. However, the Stable outlook indicates reasonable expectations about the cooperative's general situation, considering continuous actions implemented by management to contain and recover operations.

The cooperative has focused on strengthening solvency levels, complying with action plans, and making internal adjustments to address financial difficulties while continuing to serve member needs.

San Cristóbal Ltda.

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About San Cristóbal Ltda. in Paraguay