Germany’s Bank im Bistum Essen, a cooperative specialist bank with a current investment portfolio of EUR 150 million (USD 200 million), recently met with the management team at Umuchinemere Procredit Micro Finance Bank Nigeria (UPMFB) to discuss a potential partnership.
“We want to invest in Nigeria’s microfinance sector. Our bank is church oriented and we are doing real investment in MFIs [microfinance institutions] and we’re exploring ways of investing in Umuchinemere Procredit Micro Finance Bank,” said Mr Michael Sommer, Bank im Bistum Essen’s Director of Foreign Clients and Sustainable Investment. As of December 2008 Bank im Bistum had total assets of EUR 3.66 billion (USD 4.98 billion), deposits of EUR 3.14 billion (USD 4.27 billion) and EUR 83.1 million (USD 113 million) in equity.
Bank im Bistum is affiliated with the ResponsAbility Microfinance Fund, which invests in MFIs in 35 countries throughout the world and had a volume of more than EUR 105 million (USD 143 million) as of June 2009.
By Stefanie Rubin, Research Associate
About the ResponsAbility Microfinance Fund (ResponsAbility Mikrofinanz-Fonds):
The responsAbility Mikrofinanz-Fonds invests in microfinance institutions (MFIs) through debt securities and equity investments. The fund was created in 2007 by responsAbility, and is financed by Bank im Bistum Essen, a German cooperative financial institution, and Stadtsparkasse Düsseldorf, a German bank.
Additional Resources:
Source Article: AllAfrica: “Nigeria: German Bank to Invest in Country’s Microfinance Sector,” http://allafrica.com/stories/201003291898.html
MicroCapital Universe: ResponsAbility Microfinance Fund (ResponsAbility Mikrofinanz-Fonds): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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