Washington DC, July 16, 2007 – IFC,
the private sector arm of the World Bank Group, has acquired a 6.5% stake
in Mibanco from the Peruvian Group ACP for over $6 million. With this operation,
IFC seeks to strengthen Mibanco’s position in the financial markets as
one of the major microfinance providers in Peru.
According to Luis Felipe Derteano Marie, President
of the ACP Group, “We welcome IFC as a shareholder of Mibanco. IFC’s
participation in Peru’s microfinance leading entity is a recognition to
its strong commitment supporting micro enterprises, which is an essential
sector for job creation and poverty reduction.”
IFC, the International Finance Corporation, has a long-term relationship
with Mibanco, which began in 2001 when IFC granted an initial five-year
$5 million loan to help the bank expand its lending activities outside
the Lima area. As it continued to grow its microfinancing operations
and open new branches, Mibanco’s funding needs increased, leading to a
second $29 million loan from the IFC in June 2006. More recently, in April
2007, IFC granted a further $7 million subordinated loan to support the
expansion of its financial services.
Atul Mehta, IFC’s Director for Latin America,
said: “One of the most pressing challenges for Peru is the need to provide
access to finance to the majority of people who rely on self-employment
through microenterprises. This operation is a vote of confidence in Mibanco
and we hope it will serve to further consolidate its position as one of
the main sources of microfinancing in Peru.”
Mibanco is Peru’s largest specialized microfinance
bank, with over 330,000 clients across the country. To date,
Mibanco has provided over a million loans to low-income individuals and
small enterprises in Peru, many of whom had little or no prior access to
formal credit institutions.
One of IFC’s strategic priorities in Peru
and Latin America is to support the development of a sound and financially
sustainable microfinance sector, as this is critical for increasing access
to finance for small and microenterprises. IFC currently supports 20 microfinance
companies in eight countries, including Bolivia, Peru, El Salvador, Nicaragua,
Mexico, Haiti, Brazil and the Dominican Republic, providing credit and,
increasingly, deposit services to 1.3 million entrepreneurs.
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
capital in the international financial markets, and providing advisory
services to businesses and governments. IFC’s vision is that poor people
have the opportunity to escape poverty and improve their lives. In FY06,
IFC committed $8.3 billion, including syndications, to 284 investments
in 66 developing countries. For more information, please visit www.ifc.org.
Mibanco is the leading specialized microfinance institution in Peru. It
has 74 offices nationwide, a staff of over 2,000 people, and a loan portfolio
in excess of 1 billion nuevos soles. As of March 2007, it holds a 13.8%
share of the microfinance market and, with over 330,000 microfinance clients,
is the largest institution in terms of the number of microenterprise clients.
With loans starting at 300 nuevos soles, MIBANCO has enabled thousands
of people to access financial services. For more information, please visit
The ACP Group is a non-profit organization focused on servicing the educational,
financing, and business needs of microentrepreneurs. The ACP Group is the
major shareholder in Mibanco, with a stake of over 60%. ACP also has a
share in Secura (an insurance brokering company), Aprenda (an institution
providing training and capacity building to microenterprises), and Vivencia
(a company which provides drinking water, sanitation, and housing services).
The Group is also a shareholder in Banco Sol, a leading microfinance institution
in Bolivia, and Forjadores, a microfinance institution in Mexico.