Successful exit from leading Peruvian microfinance institution
Sale of minority share to financial inclusion-focused majority shareholder
Zurich, 1 February, 2018 — responsAbility Investments AG, a leading investor in the field of development investments in emerging markets, announced that it has recently completely divested its equity investment in Financiera Confianza, one of the main microfinance institutions in Peru, by selling its stake to majority shareholder Fundación Microfinanzas BBVA (BBVA Microfinance Foundation).
Founded in 1998, Confianza provides microcredit and deposit services to more than 500,000 clients via 147 branches, with a focus in the rural areas of Peru. It has a loan portfolio of USD 459 million and holds USD 313 million in deposits. A responsAbility-managed investment vehicle first invested in Confianza in 2008 and has supported its growth and social mission over the years.
The BBVA Microfinance Foundation is an independent, not-for-profit organization, created as part of the corporate social responsibility of the BBVA Group, which seeks to promote sustainable and inclusive economic and social development for low-income people. Besides operating in Peru, the BBVA Microfinance Foundation also operates microfinance institutions in Chile, Colombia, the Dominican Republic and Panama.
Speaking on behalf of responsAbility, Michael Fiebig, Head of Financial Institutions Equity Investments, explained: “We have accompanied Financiera Confianza in its growth and seen it expand to become one of the leading providers of microfinance in Peru. By selling our shares to majority shareholder Fundación Microfinanzas BBVA, we ensure that Financiera Confianza will be able to continue its strong social engagement, driving financial inclusion and poverty reduction.”
In its activities focusing on financial inclusion, responsAbility-managed investment vehicles at the end of 2017 were providing a total of USD 790 m in debt financing to 95 financial institutions across Latin America and held equity stakes in four financial institutions in Bolivia, Brazil, Honduras and Peru. Proceeds from the sale of the stake in Confianza, which earned over three times net value invested, will be used to continue supporting responsAbility’s mission of backing companies that drive financial inclusion.
responsAbility Investments AG
Ulli Janett, Media Relations
+41 44 403 06 33
ulli.janett [at] responsAbility.com ()
About responsAbility Investments AG (responsAbility.com)
responsAbility Investments AG is a leading asset manager in the field of development investments that offers professionally managed investment solutions to private, institutional and public investors. The company supplies debt and equity financing to non-listed firms in emerging economies and developing countries.
responsAbility currently has USD 3 billion of assets under management invested in over 540 companies in 90 countries. Founded in 2003, the company is headquartered in Zurich and has local offices in Bangkok, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris. Its shareholders include a number of reputable institutions in the Swiss financial market and its own employees. responsAbility is regulated by the Swiss Financial Market Supervisory Authority FINMA.