MICROCAPITAL BRIEF: responsAbility Sells Equity Stake in Mibanco of Peru to Microfinance Institution’s Majority Shareholder, Credicorp

ResponsAbility Investments AG, a Switzerland-based asset manager specializing in impact investments in developing countries, recently sold its entire equity position in Mibanco, a microfinance bank in Peru, to Credicorp Limited, a banking institution with subsidiaries operating mainly in six countries in Latin America. The size and price of the stake remain confidential. However, as of December 2017, Credicorp Limited owned 94 percent of the shares of Mibanco via one of its holdings, Banco de Crédito del Perú.

Michael Fiebig, the Head of Financial Institutions Equity Investments at responsAbility, said, “Mibanco is one of the world’s most prominent microfinance banks and finances so many micro- and small businesses across all of Peru. We are proud to have been part of the bank’s ownership structure for many years and wish the bank and its customers a prosperous and successful future.”

Established in Lima in 1998, Mibanco provides credit and deposit services to small businesses and individuals in Peru. Mibanco had a gross loan portfolio of PEN 9.5 billion (USD 2.9 billion) as of December 2017. At year-end 2016, the microbank had total assets of USD 3.4 billion, customer deposits of USD 1.9 billion and 316 branches.

Credicorp Limited is a conglomerate specializing in banking, insurance, pension funds and investment banking. The firm is based in Bermuda and was incorporated in 1995. Credicorp engages in Peru through four of its six subsidiaries: (1) Banco de Credito del Peru (BCP); (2) El Pacifico-Peruano Suiza Compa Compania de Seguros y Reaseguros (Grupo Pacifico); (3) Prima AFP; and (4) Credicorp Capital.

ResponsAbility has debt and equity deployed at 540 firms in 90 “emerging economies and developing countries, targeting the inclusive finance, renewable energy and sustainable agriculture sectors.” These assets are valued at a total of USD 3 billion.

By Nicholas Galimberti, Research Associate

Sources and Additional Resources

ResponsAbility press release
https://www.responsability.com/en/successful-exit-equity-investment-mibanco

Mibanco history
https://www.mibanco.com.pe/categoria/historia-de-la-union

ResponsAbility financials
https://www.responsability.com/en/about/portrait-figures

Credicorp Limited
https://credicorp.gcs-web.com/about

Microfinance Information Exchange profile on Mibanco
https://www.themix.org/mixmarket/profiles/mibanco

Credicorp Limited 2017 Annual Report
https://credicorp.gcs-web.com/static-files/066d5f3c-8fc5-493f-99e0-73ebb3fd9dc0

MicroCapital article; February 5, 2018: Fundacion BBVA MicroFinanzas Continues Buying Equity in Microfinance Institution Financiera Confianza of Peru with responsAbility Transaction, https://www.microcapital.org/microcapital-brief-fundacion-bbva-microfinanzas-continues-buying-equity-microfinance-institution-financiera-confianza-peru-purchase-responsability/

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