responsAbility Divests Stake in Credo Bank to Japanese Group Gojo & Company

Zurich, 24 December 2024 – responsAbility Investment AG, a leading impact asset manager specializing in investments across emerging markets, has successfully divested its 16.8% stake in Credo Bank, Georgia’s fifth-largest bank focussing on providing financial services to micro- and SMEs in Georgia. The stake has been acquired by Gojo & Company, Inc., a Japanese financial services group committed to inclusive financial services globally.

During responsAbility's investment tenure, Credo Bank has transitioned from a microfinance institution to a universal bank. It became a key enabler of entrepreneurial and SME growth in Georgia, offering a comprehensive portfolio of tailored lending, savings and transaction products. The bank has consistently supported local economic development while advancing financial inclusion, particularly in underserved rural areas of Georgia.

Leadership perspectives on the partnership

Vlad Tsapko, Head of Financial Inclusion Equity at responsAbility, said: “Our partnership with Credo Bank has been a hallmark of our commitment to fostering sustainable economic growth in emerging markets. We are proud to have supported Credo Bank's journey as it transformed its business, developed full suite of financial services for entrepreneurs and SMEs in Georgia, and grew organically and through acquisitions to become the fifth-largest bank in the country.”

Michael Fiebig, Head of Private Equity & Fund of Funds at responsAbility, said: “We remain committed to Credo and to Georgia. Our partnership with Credo continues, both as an indirect shareholder and financier. We continue to support Georgia by providing financing to the country’s financial, agricultural and energy sectors, and we are proud of our substantial regional office in Tbilisi”.

About Credo Bank Credo Bank is the fifth-largest commercial bank in Georgia. With its wide regional outreach through 94 service centers, it offers fully-fledged and innovative banking services to over 480,000 customers. The bank’s mission is to support Georgia’s micro, small and medium sized entrepreneurs and their employees to create a better future by offering affordable financial services. It is owned by international social impact and development finance institutions such as Access Credo GmbH from Germany, funds managed by Triodos Investment Management BV from Netherlands, Development Finance Institution Proparco (Groupe Agence Française de Développement) from France and now Gojo & Company, Inc. from Japan.

About Gojo & Company, Inc. Gojo & Company, Inc. is a Tokyo-based holding company of inclusive financial service providers operating in 12 countries in Asia and Africa. Gojo was founded in 2014 to extend financial inclusion across the globe. Gojo Group including major investees is serving more than 2.4 million clients across the globe, through over 10 thousand group employees as of March 2024.