Fundación BBVA Microfinanzas, the microfinance arm of the Spanish commercial bank, Banco Bilbao Vizcaya Argentaria (BBVA), has announced that it “will begin operating in tandem with [unspecified] local partners in Brazil and Mexico in 2010” [1,2,3]. This comes soon after an announcement that BBVA Microfinanzas will “create a microfinance joint venture” with Credicoop, a Chilean cooperative bank [1,4]. BBVA Microfinanzas has already launched microfinance initiatives in Colombia, Peru, Puerto Rico, and Central America through an agreement with the Central American Bank for Economic Integration (Cabei), “a multilateral bank and financial arm” founded by the nations of Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica [1,3]. It also plans to begin a similar initiative in Argentina [1].
By Christopher Maggio, Research Assistant
About: Fundación BBVA Microfinanzas
Description:
Fundación BBVA Microfinanzas is the microfinance arm of the Spanish commercial bank, Banco Bilbao Vizcaya Argentaria (BBVA). It was founded in 2007. Its main goal is to create a global network of microfinance institutions (MFIs) through two channels: “[reinforcing the] structure and operation” of MFIs in various countries while the MFIs retain management responsibilities, or purchasing a majority stake in new MFIs. Its network currently includes MFIs in Colombia, Peru, Puerto Rico, and Central America, with involvement in Mexico, Brazil, Chile and Argentina to come.
Fundación BBVA Microfinanzas does not report to the MIX Market, the microfinance information clearinghouse.
Organization’s Website
http://mfbbva.org/
Just the Facts
-Country of Incorporation: Spain
-Year Founded: 2007
-Volume of Outstanding Credit: USD 300 million (as of Jun 09)
-Customers: 400,000 (as of Jun 09)
-Area of Operation: Latin America
-Participant(s)/Backer(s)/Investor(s): Banco Bilbao Vizcaya Argentaria (BBVA), Credicoop, Central American Bank for Economic Integration (Cabei)
-Chairman: Manuel Méndez del Río Piovich
Contact Information
BBVA Microfinance Foundation
Paseo de Recoletos, 10
28001 Madrid (Spain)
Telephone: + 34 91 537 72 57
Fax: +34 91 538 63 65
Email: info@mfbbva.org
Additional Resources
Business News Americas article entitled ‘Fundación BBVA Microfinanzas to enter Brazil, Mexico in 2010’: http://www.bnamericas.com/news/banking/Fundacion_BBVA_Microfinanzas_to_enter_Brazil,_Mexico_in_2010
Fundación BBVA Microfinanzas Network Profile: http://mfbbva.org/english/red/perfil-de-la-red.html
Bibliography:
[1] Business News Americas article entitled ‘Fundación BBVA Microfinanzas to enter Brazil, Mexico in 2010’: http://www.bnamericas.com/news/banking/Fundacion_BBVA_Microfinanzas_to_enter_Brazil,_Mexico_in_2010
[2] Fundación BBVA Microfinanzas: http://mfbbva.org/english.html
[3] Cabei: http://www.bcie.org/english/index.php
[4] Creicoop: http://www.credicoop.cl/
Source Article: Business News Americas article entitled ‘Fundación BBVA Microfinanzas to enter Brazil, Mexico in 2010’: http://www.bnamericas.com/news/banking/Fundacion_BBVA_Microfinanzas_to_enter_Brazil,_Mexico_in_2010
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