The Switzerland-based investment company responsAbility Investments recently notified MicroCapital that it has disbursed a loan of USD 20 million to Improsa Bank SA of Costa Rica, a financial institution that provides services to small and medium-sized enterprises (SMEs) [1]. Further details, such as the terms of the loan, have not been disclosed.
Improsa Bank is a subsidiary of Costa Rica-based financial holding company Grupo Financiero Improsa. As of September 2013, Improsa Bank reported total assets of USD 422 million. As of June 2013, responsAbility reported total assets under management of approximately USD 1.4 billion.
By Nisha Koul, Research Associate
About Improsa Bank SA: Established in 1986, Improsa Bank is a Costa Rican bank that provides financial services to small and medium-sized enterprises (SMEs). It was established as a services company and was then converted to a bank in 1995. Apart from Costa Rica, it has operations in El Salvador, Guatemala, Honduras and Nicaragua. Improsa Bank is a subsidiary of Costa Rica-based financial holding company Grupo Financiero Improsa. As of September 2013, Improsa Bank reported total assets of USD 422 million.
About responsAbility Investments AG: Founded in 2003, responsAbility Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and services in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of June 2013, responsAbility reported total assets under management of approximately USD 1.4 billion. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
Sources and Additional Resources:
[1] Information provided to MicroCapital by responsAbility, October 2013
MicroCapital Story, November 6, 2013, “responsAbility Investments Loans $5m to Microfinance Institution Edpyme Raiz of Peru,” https://www.microcapital.org/microcapital-brief-responsability-investments-loans-5m-to-microfinance-institution-edpyme-raiz-of-peru/
MicroCapital Story, April 20, 2011, “Belgian Investment Company for Developing Countries (BIO) Loans $5m to Costa Rican Bank Banco Improsa for Central American Small and Medium-Sized Enterprises (SMEs),” https://www.microcapital.org/microcapital-brief-belgian-investment-company-for-developing-countries-bio-loans-5m-to-costa-rican-bank-banco-improsa-for-central-american-small-and-medium-sized-enterprises-smes/
MicroCapital Universe Profile, Improsa Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Banco+Improsa
MicroCapital Universe Profile, responsAbility Investments AG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
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