Accion Supports Sale of Mibanco to Financiera Edyficar
Sale of Peruvian Microfinance Bank Promises Greater Scale and Efficiency
Boston, MA, March 13, 2014 –Accion, a leader in microfinance and financial inclusion, today announced its support for the sale of Mibanco to Financiera Edyficar, which is owned by Grupo Credicorp, following the regulatory approval of the sale obtained this week.
Accion was an early investor in Mibanco, which was founded in 1998, and helped build it into one of Peru’s leading banks for the poor. Mibanco’s success has spurred competition and innovation in what is now one of the most robust microfinance markets in the world.
Last month, Grupo ACP, Mibanco’s controlling shareholder, and Credicorp, the controlling shareholder of Banco de Credito del Peru (BCP) and Edyficar, another microfinance institution, signed a share purchase agreement for Edyficar to purchase Grupo ACP's 60.68 percent stake in Mibanco, for U.S. $179.5 million.
Edyficar is required to make a public offer to purchase shares owned by the minority shareholders, which include the International Finance Corporation (IFC), Triodos, Bamboo Finance, La Positiva, and others, in addition to Accion. The public offer to those shareholders will be at a price at least equal to the Grupo ACP transaction.
The proposed new combined entity will be the largest microlending bank in Peru, with an estimated 19.5 percent share of the micro- and small- and medium-enterprise market and almost 900,000 clients.
“This transaction is a milestone in the process of building financial inclusion in Peru,” said Michael Schlein, President and CEO of Accion. “In order to achieve greater scale, sustainability, and efficiency in microfinance, it is imperative that large banks with substantial footprints, like BCP, recognize the opportunity in investing in the base of the pyramid. This investment is a watershed in the industry’s development.”
“Accion is greatly encouraged by, and strongly supportive of, BCP’s proposed investment,” said Esteban Altschul, Chief Operating Officer of Accion. “The bank’s resources, experience, and track record will be invaluable in advancing the work of financial inclusion that Mibanco launched. We anticipate that Credicorp will substantially strengthen the governance of the institution.”
About AccionAccion is a global nonprofit dedicated to creating a financially inclusive world where people have the financial tools they need to improve their lives. We are building the next generation of top-tier microfinance institutions, accelerating start-up companies that serve the poor through our impact-investing initiatives, and helping to create a strong industry with high standards. Over more than 50 years, Accion has helped create 63 microfinance institutions in 32 countries on four continents that today reach millions of clients. The Accion U.S. Network is the largest microfinance network in the United States and has served hundreds of thousands of clients with loans and support. For more information, visit www.accion.org.
Accion® is a registered trademark of Accion International.
Media contact:Andrea Snyder, PR ManagerAccionTel. +1 617-616-1510 firstname.lastname@example.org www.accion.org