AccessBank, a commercial bank that offers financial services to micro- and small enterprises (MSEs) in Azerbaijan, recently reported that its deposit portfolio increased by 86 percent during 2010 to the equivalent of USD 150 million.
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MICROCAPITAL BRIEF: Daniel Rozas, Vinod Kothari Contrast Microfinance Securities Rating Methodologies Practiced by Rating Agencies CRISIL, Fitch
Daniel Rozas, a microfinance consultant based in Brussels, and Vinod Kothari, a microfinance practitioner based in Kolkata, India, recently wrote an article published on the Microfinance Focus website discussing the different rating methodologies practiced by rating agencies CRISIL and Fitch on securitized microfinance investment products.
MICROCAPITAL BRIEF: Grameen Foundation, Grameen Capital India and Grameen-Jameel Announce $8m Guarantee Pool to Improve Liquidity of Indian Microfinance Institutions (MFIs)
Grameen Foundation, a US-based nonprofit; Grameen Capital India, a Mumbai-based social business that promotes growth in the microfinance sector in India; and Grameen-Jameel, a joint venture founded in 2007 by the Grameen Foundation and Grow Well Limited of Saudi Arabia, have launched a new initiative to address the liquidity needs of Indian microfinance institutions (MFIs) that demonstrate a focus on social as well as financial returns.
MICROCAPITAL BRIEF: Indian Investor in Microfinance, IFMR Capital, Receives “LA-” Rating from Rating Agency ICRA
ICRA, an Indian rating agency, recently awarded, an “LA-” rating to the long-term bonds program of Indian investment company IFMR Capital, which finances institutions in sectors such as rural and urban financial services.
MICROCAPITAL BRIEF: Indian Banks Amend Loan Requirements in Bid to Lower Microfinance Institution Lending Rate to 24%
Several large Indian banks have joined forces to modify requirements on loans made to microfinance institutions (MFIs) in an effort to bring change to the lending practices of MFIs.
MICROCAPITAL BRIEF: Mexican Microfinance Institution (MFI) Compartamos Banco Raises $80m With Bond Issue
Compartamos Banco, a microfinance institution (MFI) based in Mexico, announced that it has raised MXN 1 billion (approximately USD 80.6 million) through the public issuance of local bank bonds (‘Certificados Bursátiles Bancarios’) in the local debt capital market.
MICROCAPITAL BRIEF: Bandhan Financial Services of India to Provide Wholesale Loans to Smaller Microfinance Institutions (MFIs)
Bandhan Financial Services, a microfinance institution (MFI) based in Kolkata, India, recently announced that it is considering providing credit to smaller MFIs, in addition to lending directly to low-income groups.
MICROCAPITAL BRIEF: Moody’s Corporation Developing Standards for Assessing Social Performance of Microfinance Institutions
Moody’s Corporation, a credit ratings and financial analysis company, announced at this month’s sixth annual meeting of the Clinton Global Initiative that it is developing a quantitative, “globally consistent” set of standards for measuring the social performance of microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Crisil Assigns SKS Microfinance of India “P1+” Rating for $166m Short-Term Debt Program
On September 24, 2010, Crisil, a credit rating agency based in Bangalore, India, assigned a “P1+” rating to the INR 7.5 billion (approximately USD 166 million) short – term debt program of SKS Microfinance, a publicly owned microfinance institution (MFI) based in India.
MICROCAPITAL BRIEF: Bombay Stock Exchange (BSE) Includes India’s SKS Microfinance in BSE-500 Index
The Bombay Stock Exchange Limited (BSE) of India now includes SKS Microfinance in the BSE-500 index, effective September 13, 2010.
MICROCAPITAL BRIEF: AccessBank of Azerbaijan Launches Education Loan Product
AccessBank, a financial institution based in Azerbaijan, recently announced the launch of a new education loan product. The product is intended to finance students’ post-secondary education and offers lower interest rates for students earning high grades.
MICROCAPITAL BRIEF: India’s SKS Microfinance’s Market Capitalization Reaches $2b Subsequent to Initial Public Offering
Indian microfinance institution SKS Microfinance’s market capitalization has reached the equivalent of USD 2 billion subsequent to the launch of its initial public offering (IPO) trading commencement on the Bombay Stock Exchange and the National Stock Exchange of India on August 16, 2010, as reported by MicroCapital on August 17, 2010.
MICROCAPITAL BRIEF: Microfinance India 2010 Awards to be Presented at The Microfinance India Summit, November 15, 2010
Access Development Services, an Indian nonprofit organization that offers consulting services to microfinance institutions (MFIs), and Hongkong and Shanghai Banking Corporation (HSBC) Limited, an international banking group, will present the Microfinance India Awards 2010 at the Microfinance India Summit on November 15, 2010.
MICROCAPITAL BRIEF: Nicaraguan Microfinance Institution Banco del Exito (Banex) to be Liquidated
Nicaraguan banking authorities are expected to announce the liquidation of Banco del Exito (Banex), a Nicaraguan microfinance institution, in the next several days.
MICROCAPITAL BRIEF: CGAP Announces Appointment of New Chief Executive Officer Tilman Ehrbeck
CGAP (Consultative Group to Assist the Poor), an independent policy and research center housed at the World Bank Group, recently announced the appointment of Mr Tilman Ehrbeck as Chief Executive Officer (CEO).
MICROCAPITAL BRIEF: SKS Microfinance Initial Public Offering Opens on Bombay Stock Exchange and National Stock Exchange of India, Shares Up After First Day of Trading
SKS Microfinance’s recently issued public offering listed for public trade on August 16, 2010 on the Bombay Stock Exchange and the National Stock Exchange of India.
MICROCAPITAL BRIEF: SKS Microfinance Initial Public Offering to List on August 16, 2010 on Bombay Stock Exchange and National Stock Exchange of India
SKS Microfinance’s recently issued public offering will list for public trade on August 16, 2010 on the Bombay Stock Exchange and the National Stock Exchange of India at an expected list price of INR 1,200 (USD 26) per share.
MICROCAPITAL BRIEF: SKS Microfinance IPO Experiences Strong Demand, Total Share Offer 13 Times Oversubscribed
When SKS Microfinance launched India’s first initial public offering (IPO) on July 28, 2010, the total share issue received bids for 13.55 times the overall shares on offer, with the institutional share offer oversubscribed by 20.3 times.