Bogota, Colombia. September 26th,
2019. The International Finance Corporation (IFC), a member of the
World Bank Group, announced its participation as an anchor investor in
a COP$100,000 million (approximately US$31.4 million) transaction of ordinary
bonds issued by Credifinanciera, a Colombian commercial financing company,
in Colombia’s alternative bonds market “Segundo Mercado”.
The resources obtained in the transaction will be allocated to microcredits
and to the growth of the portfolio of payroll discount credits of Credifinanciera
among pensioners. The bonds are expected to have a tenor of 5 years with
a 2 years grace period.
Elizabeth Martínez de Marcano, manager for the Andean Region of IFC, said:
“This issuance of Credifinanciera bonds not only helps strengthen the
capital market and boost bond issues in the Segundo Mercado, but also provide
resources to sectors typically underfunded by traditional banks, such as
pensioners and microenterprises. We are convinced that this operation will
boost financial inclusion in Colombia.”
"This transaction confirms our financial strength, the resources obtained
will allow us to leverage our commitment to banking in Colombia. We will
support more microentrepreneurs and pensioners through microcredit and
payroll loans," said Carlos Iván Vargas Perdomo, president of Credifinanciera.
Colombia's Segundo Mercado is an alternative for the issuance of securities
of small and medium-sized companies that normally could not participate
in the main market, and where the securities offered can only be acquired
by qualified investors, according to local regulations.
Nearly 3,000 million people in emerging countries lack access to formal
financial services that could help them increase their income and improve
their lives. IFC promotes financial products, technological development
and business practices to help financial institutions reach vulnerable
sectors more efficiently and profitably.
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
where they are needed most. In fiscal year 2019, we delivered more than
$19 billion in long-term financing for developing countries, leveraging
the power of the private sector to end extreme poverty and boost shared
prosperity. For more information, visit www.ifc.org.
Established in 2011, Credifinanciera has presence in more than 890 municipalities
and the main cities of Colombia through credit products (microcredit) and
investment (CDT). As of June 30, 2019, Credifinanciera has a base of 87,767
clients (22% microentrepreneurs; 53% pensioners; 6% public sector employees,
teachers and members of the military forces; 8% private sector employees
and 11% CDT customers). At the same date, credit disbursements have shown
a 37% growth over the previous year, resulting in a loan portfolio of $
737,812 million Colombian pesos, with an annual increase of 34%. In the
last three years, Credifinanciera's portfolio has increased on average
25%, exceeding four times the growth of the financial sector (6%), with
a particular focus on pensioners, who currently represent 67% of the total
purse. Credifinanciera has a local “A” rating (positive outlook) granted
by BRC Standard & Poor’s for long-term debt.