MICROCAPITAL BRIEF: Australia and New Zealand Banking Group (ANZ Bank) to Start Microfinance Center in Fiji

Norman Wilson, the chief executive of the Australia and New Zealand Banking Group (ANZ Bank), a publicly traded bank that provides retail, commercial banking and wealth management services, confirmed that the bank is planning to start a microfinance center in Fiji in collaboration with the Asian Development Bank, and the International Financial Corporation (IFC), the private sector arm of the World Bank.

Mr Wilson declined to provide further details on the forthcoming center.

The ANZ Bank is the second institution in recent months to express interest in starting a microfinance business in Fiji. In early September 2010, the South Pacific Business Development Foundation (SPBD), a Samoan nonprofit microfinance institution, also made public plans to launch operations in Fiji.

About the Australia and New Zealand Banking Group (ANZ Bank):
The ANZ Bank is a publicly traded company that provides retail, commercial banking and wealth management services. It has offices in Australia, New Zealand, Asia Pacific, Europe and the US. According to its financial report in 2009, the bank reported an after tax statutory profit of AUD 2.9 billion (the equivalent of USD 2.71 billion), and total assets of USD 477 billion (the equivalent of USD 447 billion).

About the South Pacific Business Development Foundation (SPBD):
The South Pacific Business Development Foundation (SPBD), a Samoan nonprofit microfinance institution, provides small, unsecured loans to rural women in the South Pacific. SPBD also provides housing and education microcredit. SPBD provided its first microenterprise loan in 2000, and as of 2008 has distributed approximately USD 13 million in loans to 12,000 Samoan households.

About Asian Development Bank:
Established in 1966 and headquartered in Manila, the Philippines, the Asian Development Bank (ADB) is a regional development bank that consists of sixty-seven members, of which forty-eight are based in the region and nineteen are based outside the region. The ADB has three strategic agendas: to foster inclusive growth, to facilitate regional integration and to ensure environmentally sustainable growth. To accomplish these objectives, the ADB uses loans, technical assistance programs, grants and direct assistance in the form of equity investments, guarantees and credit to private companies in member countries. The ADB reported a total capitalization of USD 56 billion as of December 31, 2009.

About the International Financial Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation (IFC) offers loan and debt securities, equity investments, advisory services and technical assistance to alleviate poverty and promote open and competitive markets in developing countries. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, IFC?s new investments totaled USD 14.5 billion.

By Trevor Kwong, Research Assistant

Sources and Additional Resources:
[1] Source Article: Fiji Times: Micro finance centre mooted:
http://www.fijitimes.com/story.aspx?id=156220

[2] MicroCapital: MICROCAPITAL BRIEF: South Pacific Business Development Foundation of Samoa to Open Microfinance Institution in Fiji:

https://www.microcapital.org/microcapital-brief-south-pacific-business-development-foundation-of-samoa-to-open-microfinance-institution-in-fiji/

[3] MicroCapital Universe: The Australia and New Zealand Banking Group:

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ANZ+Bank

[4] MicroCapital Universe: The International Financial Corporation:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+(IFC)

[5] MicroCapital Universe: Asian Development Bank:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asian+Development+Bank+(ADB)

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