Summary of Proposed Investment
Project Number
25374
Company Name
MIBANCO, BANCO DE LA MICROEMPRESA S.A.
Date SPI Disclosed
Feb 21, 2007
Country
Peru
Industry
Financial Markets
Projected Board Date
Mar 23, 2007
Status
Completed
Sector
Microfinance and Small Business - Non Commercial Banking
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Apr 16, 2007
Signed : Apr 26, 2007
Invested : Apr 27, 2007
Project Description
The project entails supporting the initiatives of ACP Inversiones y Desarollo (the Group or ACP) to strengthen its position in the Peruvian financial sector by:
- Creating a new specialized micro-insurance company, focused on micro and small business entrepreneurs and low income families.
- Expanding the shareholding base of ACP’s portfolio bank, Banco de la Micro Empresas S.A. (Mibanco or the Bank), an existing IFC client and
- Providing a subordinated loan to Mibanco to strengthen the Bank’s capital base and support its growth.
Founded in 1969, ACP, formerly known as Accion Comunitaria del Peru, is a Peruvian non-profit organization focused on servicing the educational, business and financing needs of low-income households and micro and small business entrepreneurs in Peru. As of September 2006, the Group’s consolidated asset base totaled approximately $360 million, liabilities $314 million, and shares value in $46 million.
Based in Lima, Mibanco was constituted in 1998 as a commercial bank focused on micro and small business entrepreneurs. It serves more than 200,000 micro and small business enterprise clients, employs 2200 persons, and operates 74 branch offices throughout greater Lima and provinces outside the capital. It offers its clients –of which more than half live below the poverty line – a range of services, including working capital loans, credit cards, consumer loans, mortgages, savings accounts, term deposits and checking accounts. As of December 2006, the Bank’s asset base was approximately $388 million, liabilities $335 million, and shareholders’ equity of $53 million.
- Creating a new specialized micro-insurance company, focused on micro and small business entrepreneurs and low income families.
- Expanding the shareholding base of ACP’s portfolio bank, Banco de la Micro Empresas S.A. (Mibanco or the Bank), an existing IFC client and
- Providing a subordinated loan to Mibanco to strengthen the Bank’s capital base and support its growth.
Founded in 1969, ACP, formerly known as Accion Comunitaria del Peru, is a Peruvian non-profit organization focused on servicing the educational, business and financing needs of low-income households and micro and small business entrepreneurs in Peru. As of September 2006, the Group’s consolidated asset base totaled approximately $360 million, liabilities $314 million, and shares value in $46 million.
Based in Lima, Mibanco was constituted in 1998 as a commercial bank focused on micro and small business entrepreneurs. It serves more than 200,000 micro and small business enterprise clients, employs 2200 persons, and operates 74 branch offices throughout greater Lima and provinces outside the capital. It offers its clients –of which more than half live below the poverty line – a range of services, including working capital loans, credit cards, consumer loans, mortgages, savings accounts, term deposits and checking accounts. As of December 2006, the Bank’s asset base was approximately $388 million, liabilities $335 million, and shareholders’ equity of $53 million.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Luis Ovalle, General Manager
ACP Inversiones y Desarollo
Av. Domingo Orue - 165
Surquillo – Lima
Peru
Telephone: (511) 222 0202
Fax: (511) 222 4166
Mr. Rafael Llosa, General Manager
Banco de la Microempresa S.A
Av. Domingo Orue - 165
Surquillo - Lima
Peru
Telephone: (511) 513 8100
Fax: (511) 513 8155
ACP Inversiones y Desarollo
Av. Domingo Orue - 165
Surquillo – Lima
Peru
Telephone: (511) 222 0202
Fax: (511) 222 4166
Mr. Rafael Llosa, General Manager
Banco de la Microempresa S.A
Av. Domingo Orue - 165
Surquillo - Lima
Peru
Telephone: (511) 513 8100
Fax: (511) 513 8155
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster