The European Fund for Southeast Europe (EFSE), a microfinance investment fund incorporated in Luxembourg in 2005, recently reported to MicroCapital that it made a debt investment of USD 10 million in Megabank of Ukraine, a commercial bank serving both corporate and individual clients. EFSE’s mission is to contribute to economic development by providing financial services to low-income people and micro- and small enterprises through local institutions [1]. Managed by Oppenheim Asset Management Services, EFSE reported to the Microfinance Information Exchange (MIX), the microfinance clearinghouse, that it had 58 active microfinance investments in 2009 with fund assets totaling USD 830 million. Meanwhile, Megabank reported assets of UAH 3.5 billion (USD 440 million), a loan and investment portfolio of UAH (USD 340 million), capital of UAH 729 million (USD 91.7 million), an annual profit of UAH 2.2 million (USD 277,000), and approximately 387,000 clients in 2010.
By: Jacqueline Foelster, Research Associate
About European Fund for Southeast Europe (EFSE): Established in 2005, EFSE aims to foster economic development in southeastern Europe and parts of central Asia by providing financial services to low-income households and micro- and small enterprises via local financial institutions. EFSE is privately managed, with Oppenheim Asset Management Services acting as its fund manager and Finance in Motion GmbH acting as fund advisor. As of December 31, 2009, EFSE has an outstanding investment portfolio of EUR 578 million (USD 775 million). LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed EFSE’s label as of April 2010.
About Megabank: Megabank offers financial services to corporate and individual clients. The regional network has 195 branches in 25 regions of Ukraine. The bank provides services to 360,000 clients, including 85,000 pensioners and social aid recipients. The bank has assets of UAH 3.5 billion (USD 440 million), a loan and investment portfolio of UAH 2.7 billion (USD 340 million), capital of UAH 729 million (USD 91.7 million), an annual profit of UAH 2.2 million (USD 277,000) and approximately 387,000 clients in 2010.
[1] Data reported by the European Fund for Southeast Europe (EFSE) to MicroCapital January 2011
MicroCapital’s Microfinance Universe Profile: European Fund for Southeast Europe (EFSE), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Fund+for+Southeast+Europe+%28EFSE%29
MicroCapital’s Microfinance Universe Profile: Megabank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Megabank
MicroCapital.org Article, December 20, 2010: European Fund for Southeast Europe Loans $19m to ProCredit Bank SA of Romania for Microfinance, https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-loans-19m-to-procredit-bank-sa-of-romania-for-microfinance/
MicroCapital.org Article, October 13, 2009: EFSE Invests $10m into PJSC Megabank of Ukraine, https://www.microcapital.org/microcapital-story-efse-invests-usd-10-million-into-pjsc-megabank-of-ukraine/
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