The European Fund for Southeast Europe (EFSE), a microfinance investment fund incorporated in Luxembourg, has reported to MicroCapital that it has made a loan equivalent to USD 13.4 million to Intesa Sanpaolo Banka, a commercial bank in Bosnia and Herzegovina.
Intesa Sanpaolo Banka is majority-owned by Intesa Sanpaolo Group, an Italian banking group formed from the merger of Banca Intesa and Sanpaolo IMI. It offers various products including loans to small and medium-sized companies, savings and deposits. As of December 31, 2010, Intesa Sanpaolo Banka reported total assets of BAM 1.28 billion (USD 877 million) and a net profit of BAM 6.06 million (USD 4.15 million). Intesa Sanpaolo Group has operations in 43 countries.
As of June 30, 2011, EFSE has an outstanding investment portfolio of EUR 676 million (USD 982 million). LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector, renewed EFSE’s label as of 2011.
By Kristha Abores, Research Associate
About European Fund for Southeast Europe (EFSE):
Established in 2005, the European Fund for Southeast Europe aims to foster economic development in southeastern Europe and parts of Central Asia by supporting the provision of financial services to low-income households and micro- and small enterprises via local financial institutions. EFSE was initiated by KfW Entwicklungsbank, a German development bank, with support from the German Federal Ministry for Economic Cooperation and Development (BMZ in German) and the European Commission. EFSE is privately managed, with Oppenheim Asset Management Services of Luxembourg acting as fund manager and Finance in Motion GmbH of Germany acting as fund advisor. As of June 30, 2011, EFSE has an outstanding investment portfolio of EUR 676 million (USD 982 million). LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector, renewed EFSE’s label as of 2011.
About Intesa Sanpaolo Banka d.d. BiH:
Intesa Sanpaolo Banka d.d. BiH is a commercial bank in Bosnia and Herzegovina. It is majority-owned by Intesa Sanpaolo Group, an Italian banking group formed from the merger of Banca Intesa and Sanpaolo IMI. It offers various products including loans to small and medium-sized companies, savings, and deposits. As of December 31, 2010, Intesa Sanpaolo Banka reported total assets of BAM 1.28 billion (USD 877 million) and a net profit of BAM 6.06 million (USD 4.15 million).
Sources and Additional Resources:
[1] Information submitted by The European Fund for Southeast Europe to MicroCapital
MicroCapital.org article, November 16, 2011, “MICROCAPITAL BRIEF: European Fund for Southeast Europe Lends $20m to
ProCredit Bank Georgia for Microfinance, SMEs,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-lends-20m-to-procredit-bank-georgia-for-microfinance-smes/
MicroCapital.org article, October 12, 2011, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $8m to Mikrofin Banja Luka of Bosnia and Herzegovina, ProCredit Bank Macedonia to Support Micro-, Small and Medium-Sized Enterprises,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-8m-to-mikrofin-banja-luka-of-bosnia-and-herzegovina-procredit-bank-macedonia-to-support-micro-small-and-medium-sized-enterprises/
MicroCapital.org article, July 8, 2011, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $49m to Support Micro-, Small and Medium-Sized Enterprises (MSMEs) Through Raiffeisen Banka Serbia, ProCredit Bank Macedonia, Mikrofin Banka Luka of Bosnia and Herzegovina,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-49m-to-support-micro-small-and-medium-sized-enterprises-msmes-through-raiffeisen-banka-serbia-procredit-bank-macedonia-mikrof/
MicroCapital.org article, July 7, 2011, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $29m to Raiffeisen Bank Bosnia and Herzegovina,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-29m-to-raiffeisen-bank-bosnia-and-herzegovina/
MicroCapital 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 Universe Profile: Intesa Sanpaolo Banka d.d. BiH, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Int…
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