Transcorp initiative

The decision of the Transcorp Credit Union to invest $100 million in the construction of a multi-storey business complex will catapult it into becoming one of Trinidad and Tobago’s financial majors. The returns from the complex which is planned to house more than 200 shops, cinemas, live theatres and offices are expected to guarantee this. The Transcorp initiative is being part funded by four other credit unions — Eastern, TECU, Trinidad and Tobago Police Service Credit Union and the Telephone Workers’ Credit Union — will be the most ambitious project undertaken to date by a credit union in this country.    
            
Formerly the PTSC Credit Union Co-operative Society Limited founded in 1966 at the instance of the Board and Management of the Public Transport Service Corporation to promote the welfare of the Corporation’s employees, Transcorp plans to start construction of the 25-storey building in October of this year. What this represents is that another type of financial institution in Trinidad and Tobago, in addition to banks, holding companies for insurance companies and the Unit Trust Corporation is entering the world of big corporate investment. It means that Transcorp, along with the four other credit unions supporting the venture, is no longer prepared merely to stand on the proverbial sidelines. Instead, the ambitious project signals a determination to be a frontliner in assisting in the business development of Trinidad and Tobago.

The question arises, however: Will Transcorp need to create a holding company as have some insurance companies to provide a platform for this development? Should this be necessary and Transcorp decide to go this route, this will mean that with a carefully developed investment strategy in place Transcorp will be in a position to provide increased economic security for its members. The credit union movement, long identified with the small man/woman, will have positioned itself, should Transcorp and other credit unions form holding companies to provide its members with considerably larger dividends than it is now permitted. Transcorp etc, will no longer be hemmed in by existing boundaries.

What is particularly outstanding in the Transcorp saga is that while today it is able to plan the October start of construction of a $100 million business complex, only 35 years ago, as the PTSC Credit Union Co-operative Society Limited its credited shares were valued at a mere $100,000! In turn, its loans to members in 1969 were a modest $72,684.86. Its membership of 460 at the time hardly could have foreseen the vast financial strides that their credit union would have made 35 years later. Who knows, a holding company, should it be created by Transcorp, might even one day be listed on the Trinidad and Tobago Stock Exchange.