Fundacion Microfinanzas BBVA, a nonprofit business created in 2007 as a subsidiary of multinational bank BBVA of Spain, has announced the acquisition of Financiera Confianza, a microfinance institution (MFI) in Peru. Financiera Confianza was founded in 1992 as the Entrepreneurial Development Program by the US-based Inter-American Development Bank (IADB) and the nongovernmental organization (NGO) Servicios Educativos Promocion y Apoyo Rural (SEPAR) of Peru. Fundacion Microfinanzas BBVA plans to merge Financiera Confianza with its own Caja Rural de Ahorro y Credito Nuestra Gente (CNG) to form a bank that will target rural populations in Peru.
The merger will create an institution with a collective asset base of PEN 1.2 billion (USD 445 million), serving approximately 400,000 [1]. As of June 2010, Financiera Confianza reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, USD 147 million in assets, a gross loan portfolio of USD 114 million, 73,000 active borrowers, return on assets of 0.38 percent and return on equity of 2.26 percent
As of 2009, CNG reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, total assets of USD 240 million, a gross loan portfolio of USD 187 million, 97,691 active borrowers, return on equity of 1.26 percent and return on equity 9.4 percent.
About Fundacion Microfinanzas BBVA: The BBVA Microfinance Foundation is a nonprofit business that was created in May 2007 as an outgrowth of the corporate responsibility efforts of BBVA, a Spanish bank reporting 47 million customers worldwide as of September 2010. The goal of the foundation is to boost the economic and social development of disadvantaged people through access to productive microfinance. Fundacion BBVA Microfinanzas does not report to the MIX Market, the microfinance information clearinghouse.
About Inter-American Development Bank: The Inter-American Development Bank (IDB) is a US-based multilateral finance institution established in 1959 that operates in Latin America and the Caribbean. IDB works with governments, companies and non-governmental organizations (NGOs) to provide both loans and grants to support small and medium-sized enterprises (SMEs), health and education, among other sectors. IDB also provides technical assistance and research in these areas. Its Board of Executives is elected by 48 member countries, 26 of which are located in Latin America and the Caribbean. IDB reported total assets of USD 84 billion as of December 31, 2009.
[1] Press Release submitted to MicroCapital, December 2010
MicroCapital’s Microfinance Universe profile: Fundacion Microfinanzas BBVA
MicroCapital’s Microfinance Universe profile: Inter-American Development Bank
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