Switzerland’s responsAbility Social Investments AG (responsAbility) recently reported to MicroCapital that it has made loans amounting to USD 4 million to Cambodian financial institutions ACLEDA Bank and Hattha Kaksekar Limited (HKL). ACLEDA Bank received USD 1 million each from three microfinance investment vehicles (MIVs) managed by responsAbility: responsAbility Microfinance Leaders Fund (rAMLF), responsAbility Global Microfinance Fund (rAGMF) and responsAbility Mikrofinanz-Fonds (rAMF). HKL received USD 1 million from rAMF.
ACLEDA Bank provides a range of banking services including deposits, loans, cash management and trade services. As of 2010, ACLEDA reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 1.16 billion, return on assets (ROA) of 2.56 percent and return on equity (ROE) of 22.4 percent. As of September 30, 2011, ACLEDA reported a gross loan portfolio of USD 905 million and 264,000 active borrowers.
HKL’s financial supporters have included Oikocredit, Norfund, Triple Jump, the French Development Agency (AFD) and Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ). As of June 30, 2011, HKL reported to MIX a gross loan portfolio of USD 56.4 million and approximately 53,500 borrowers. As of 2010, HKL reported ROA of 4.43 percent and ROE of 21.2 percent.
Managed by responsAbility, rAGMF invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAMLF, which is also managed by responsAbility, invests in large MFIs through debt securities and equity investments. rAMF, which is managed by responsAbility and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf, invests in short- to medium-term income-bearing debt securities of MFIs. In April 2011, all three MIVs’ annual labels were renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to MIX fund assets of USD 532 million in 2011. For the same period, rAMLF reported fund assets of USD 155 million, and rAMF reported fund assets of USD 141 million.
By Kristha Abores, Research Associate
About ACLEDA Bank:
ACLEDA Bank is a public limited company based in Cambodia. It was originally founded in January 1993 as THE Association of Cambodian Local Economic Development Agencies (ACLEDA), a non-governmental organization aiming to raise the standards of living of poor people by promoting economic activities ranging from self-employment to medium-sized business. It was licensed by the National Bank of Cambodia as a Specialized Bank in October 2000 and as a Commercial Bank in December 2003, when it was renamed ACLEDA Bank. It provides a range of banking services including deposits, loans, cash management and trade services. As of 2010, ACLEDA reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 1.16 billion, return on assets of 2.56 percent and return on equity of 22.4 percent. As of September 30, 2011, ACLEDA reported a gross loan portfolio of USD 905 million and 264,000 active borrowers.
About Hattha Kaksekar Limited:
Hattha Kaksekar Limited is a microfinance institution (MFI) based in Phnom Penh, Cambodia. It was founded in 1994 by two charitable organizations, the Organisation Canadienne pour la Solidarité et le Développement (OCSD) and UK-based Oxfam International. It was transformed into a non-governmental organization (NGO) in 1996 and then into a private liability company in 2001. Its financial supporters have included Oikocredit, Norfund, Triple Jump, the French Development Agency (AFD) and Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ). As of June 30, 2011, HKL reported to MIX a gross loan portfolio of USD 56.4 million and approximately 53,500 borrowers. As of 2010, HKL reported return on assets (ROA) of 4.43 percent and return on equity (ROE) of 21.2 percent.
About responsAbility:
Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
About responsAbility Global Microfinance Fund (rAGMF):
The responsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility Social Investments that invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011.
About responsAbility Microfinance Leaders Fund (rAMLF):
The responsAbility Microfinance Leaders Fund (rAMLF) invests in large microfinance institutions (MFIs) through debt securities and equity investments. In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAMLF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 155 million in 2011.
About responsAbility Mikrofinanz-Fonds (rAMF):
Mikrofinanz-Fonds is a microfinance investment vehicle (MIV) that was launched in 2007, is managed by responsAbility Social Investments AG of Switzerland and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in short- to medium-term income-bearing debt securities of microfinance institutions (MFIs). In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.
About Bank im Bistum Essen eG (BiB):
Founded in 1966, Bank im Bistum Essen eG (BiB) is an “ethically oriented” German cooperative bank. Since 2007, BiB has supported poverty alleviation through global financial inclusion by funding microfinance institutions directly as well as through its microfinance investment vehicles KCD-Mikrofinanzfonds I “Global” and KCD Mikrofinanzfonds II “Lateinamerika,” both of which are certified by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Total outstanding microfinance investments managed directly by BiB reportedly total approximately USD 100 million. BiB is also co-initiator of the responsAbility Mikrofinanz-Fonds and investment advisor to the Dual Return – Vision Microfinance funds.
Sources and Additional Resources:
[1] Information submitted by responsAbility Social Investments AG to MicroCapital
MicroCapital.org article, December 9, 2011, “MICROCAPITAL BRIEF: responsAbility Lends $6.2m to Mutual Alajuela of Costa Rica, Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL) of Honduras, Lift Above Poverty Organisation (LAPO) of Nigeria,” https://www.microcapital.org/microcapital-brief-responsability-lends-6-2m-to-mutual-alajuela-of-costa-rica-cooperativa-mixta-mujeres-unidas-limitada-comixmul-of-honduras-lift-above-poverty-organisation-lapo-of-nigeria/
MicroCapital.org article, November 14, 2011, “MICROCAPITAL BRIEF: responsAbility Lends $4.3m to Microfinance Institutions (MFIs) Banco Solidario of Ecuador, Interactuar of Colombia”, https://www.microcapital.org/microcapital-brief-responsability-global-mic…
MicroCapital.org article, November 15, 2011, “MICROCAPITAL BRIEF: responsAbility Lends $8.2m to Microfinance Institutions (MFIs) FINCA DRC, Bandhan of India, Opportunity Microcredit Romania,” https://www.microcapital.org/microcapital-brief-responsability-lends-8-2m…
MicroCapital.org article, October 17, 2011, “MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund Lends $2.3m to Microfinance Institutions (MFIs) Coopronaranjo of Costa Rica, Fundación Amanecer of Colombia, COAC Esperanza y Progreso Del Valle of Ecuador”, https://www.microcapital.org/microcapital-brief-responsability-global-microfinance-fund-lends-2-3m-to-microfinance-institutions-mfis-coopronaranjo-of-costa-rica-fundacion-amanecer-of-colombia-coac-esperanza-y-progreso-del-v/
MicroCapital.org article, September 26, 2011, “MICROCAPITAL BRIEF: responsAbility Loans $9.2m to Microfinance Institutions FINCA of Mexico, IDEPRO of Bolivia, EDPYME Alternativa of Peru, D-Miro of Ecuador”,https://www.microcapital.org/microcapital-brief-responsability-loans-9-2m…
MicroCapital Universe Profile: ACLEDA Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ACLEDA+Bank
MicroCapital Universe Profile: Hattha Kaksekar Limited, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Hattha+Kaksekar+Limited
MicroCapital Universe Profile: responsAbility Social Investments AG,https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility…
MicroCapital Universe Profile: responsAbility Global Microfinance Fund (rAGMF),https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29…
MicroCapital Universe Profile: responsAbility Mikrofinanz-Fonds, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds…
MicroCapital Universe Profile: Bank im Bistum Essen eG (BiB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+im+Bistum+Essen+eG+%28BiB%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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