Washington, D.C., August 26, 2011—IFC,
a member of the World Bank Group, has announced that it will buy up to
$25 million of new common shares in Grupo Financiero Mifel, S.A. de C.V.,
to support the growth, income distribution, and competitiveness of smaller
businesses in Mexico.
Small and medium enterprises generate 72 percent of formal sector jobs
in Mexico. However, only less than 3 percent of these companies have access
to bank financing. With this transaction, IFC will become a strategic partner
of Grupo Mifel, the Mexican-owned financial group focused on local small
and medium enterprises in the manufacturing, agribusiness, and construction
industries, enabling it to increase lending to small and midsize business
owners, help expand their businesses, and create employment opportunities.
Daniel Becker Feldman, CEO and main shareholder of Grupo Financiero Mifel,
said, “This transaction will help us access a new type of institutional
investor to support the loan portfolio expansion for our Mexican small
and medium enterprises in sectors such as manufacturing and agribusiness.
This investment also will enhance our position in the financial
The investment in Grupo Financiero Mifel shows IFC’s catalytic role in
mobilizing resources and coordinating efforts of development finance institutions
and the private sector to help fill financing gaps caused by the retrenchment
of commercial lenders and increasingly cautious investors.
“IFC’s support of Grupo Financiero Mifel advances efforts to serve key
economic sectors such as small and medium enterprises with limited access
to finance,” said Roberto Albisetti, IFC Senior Manager for Mexico and
Central America. “This new transaction is an indication of our continuous
commitment to help strengthen Mexico’s financial system.”
IFC’s strategy in Mexico is focused on promoting access to finance for
low-income individuals and microenterprises, supporting energy-efficient
projects, and developing infrastructure to strengthen competitiveness.
About Grupo Financiero Mifel
Grupo Financiero Mifel is a non-public regulated, deposit-taking, financial
group formally founded in 1993. It offers a wide range of financial services,
including commercial banking, factoring, leasing, and mutual fund management
through its four subsidiaries, Arrendadora Mifel, Banca Mifel, Factoraje
Mifel, and Operadora Mifel. As of December 2010, Grupo Financiero Mifel
had $3 billion in total assets and about 800 employees. For more
information, visit www.mifel.com.mx.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, providing
advisory services to businesses and governments, and mobilizing capital
in the international financial markets. In fiscal 2011, amid economic uncertainty
across the globe, we helped our clients create jobs, strengthen environmental
performance, and contribute to their local communities—all while driving
our investments to an all-time high of nearly $19 billion. For more information,