MICROCAPITAL BRIEF: South Korean Hana Bank Establishes Microfinance Institution (MFI) in Myanmar

Hana Bank, a Seoul-based commercial bank that is the primary banking subsidiary of South Korean Hana Financial Group, reportedly has announced the establishment of Hana Microfinance, a microfinance institution (MFI) in Myanmar.

MICROCAPITAL BRIEF: Hatton National Bank (HNB) of Sri Lanka to Acquire 51% Stake in Sri Lankan Prime Grameen Micro Finance for $5m

Hatton National Bank (HNB), a private commercial bank in Sri Lanka, reportedly is planning to acquire a 51-percent stake in Prime Grameen Micro Finance, a Sri Lankan microfinance institution (MFI), for LKR 660 million (USD 5 million).

MICROCAPITAL BRIEF: Indian Government Launches 15 “Technology Centres” to Support Micro-, Small, Medium-sized Enterprises (MSMEs)

The Ministry of Micro-, Small and Medium Enterprises (MSMEs), the Indian government agency in charge of regulating and supporting MSMEs, reportedly has launched its “Technology Centre Systems Programme,” which involves establishing 15 technology centers and improving the three existing such centers across the country.

MICROCAPITAL BRIEF: Janalakshmi Financial Services to Buy $90m in Products, Services From International Business Machines (IBM)

Janalakshmi Financial Services (JFS), a Bangalore-based microfinance institution (MFI) that offers lending and insurance services, and International Business Machines (IBM), a US-based information technology consulting company, have signed a six-year agreement worth INR 5.5 billion (USD 90 million) to provide JFS with IBM products and services in support of the MFI’s proposed growth in India.

MICROCAPITAL BRIEF: India’s ESAF Microfinance and Investment Issues $7.8m In Non-Convertible Debentures (NCDs) to Triodos

Evangelical Social Action Forum (ESAF) Microfinance and Investment Private Limited (EMFIL), a non-banking financial institution (NBFC) based in the Indian state of Kerala, reportedly has raised INR 475 million (USD 7.8 million) by issuing non-convertible debentures (NCDs) to Triodos Investment Management, a subsidiary of Netherlands-based for-profit Triodos Bank [1].

MICROCAPITAL BRIEF: India’s Janalakshmi Financial Services Projected to Raise $98m in Private Equity Funding During 2014

Janalakshmi Financial Services, a Bangalore-based microfinance institution (MFI) that offers loans and insurance, reportedly is set to reach INR 6 billion (USD 98.1 million) in private equity fund raising during 2014.

MICROFINANCE EVENT: AlHuda Center of Islamic Banking and Economics to Host 4th Global Islamic Microfinance Forum, November 1-4, 2014, Dubai, UAE

Event Name: 4th Global Islamic Microfinance Forum

Event Date: Conference: November 1-2, 2014; Post-conference workshop: November 3-4, 2014

Event Location: Dubai, United Arab Emirates 

MICROCAPITAL BRIEF: Symbiotics Issues $30m in Bonds to MicroCred China; India’s Arohan, Grameen Koota, Annapura Microfinance

Symbiotics, a Switzerland-based investment company that focuses on emerging markets, has completed bond transactions worth a total of USD 30 million with MicroCred China, an affiliate of the France-based MicroCred and PlaNet Finance groups; Arohan Financial Services Private Ltd., an Indian financial services company; Grameen Financial Services Private Ltd., a Bangalore-based microfinance institution (MFI) also known as Grameen Koota; and Annapurna Microfinance Private Ltd., an MFI based in the Indian state of Odisha.

MICROCAPITAL BRIEF: Vietnam Bank for Social Policies (VBSP) Deploys Intellect Core Banking Solution of Indian Software Firm Polaris

The Vietnam Bank for Social Policies (VBSP), a government-owned bank that offers microfinance and other services in Vietnam, recently has deployed the Intellect (R) Core Banking Solution (CBS), an enterprise platform offered by India-based Polaris Financial Technology Limited (Polaris) [1].

MICROCAPITAL BRIEF: Pakistan’s Khyber Pakhtunkhwa Provincial Government, Bank of Khyber (BOK) Launch $10 million Islamic Microfinance Scheme to Promote Employment for 550k Unemployed Workers in the Province

The government of the Pakistani province of Khyber Pakhtunkhwa province reportedly has committed a PKR 1 billion (USD 10 million) to an Islamic microfinance scheme to be implemented through the Bank of Khyber (BOK), a Pakistani bank that offers banking services and microfinance loans that comply with Islamic law by using concepts such as profit sharing in lieu of charging interest.

MICROCAPITAL BRIEF: Incofin Investment Management Launches ProPulse Fund for Private Institutional Investors to Access Microfinance Institutions in Emerging Economies

Incofin Investment Management (Incofin IM), a microfinance fund manager based in Belgium, has announced the launch of its ProPulse Fund, which is designed specifically for private institutional investors to provide financing to entrepreneurs in emerging economies via microfinance institutions (MFIs) in response to “the large demand for local currency loans.”

MICROCAPITAL BRIEF: India’s Rashtriya Gramin Vikas Nidhi North East (RGVN) Microfinance Raises $7m in Equity Funding from Norwegian Microfinance Initiative Fund III, Oikocredit of the Netherlands, Dia Vikas Capital of India

Rashtriya Gramin Vikas Nidhi North East (RGVN), a microfinance institution (MFI) based in the Indian state of Assam, reportedly has raised approximately INR 420 million (USD 6.98 million) in equity funding from new investors [1].

MICROCAPITAL BRIEF: Bangko Sentral Ng Pilipinas (BSP) Increases Maximum Microinsurance Benefits for Clients in the Philippines to $11k

The Bangko Sentral Ng Pilipinas (BSP), the central bank of the Philippines, has issued Circular Number 841, which amends the Manual of Regulation for Banks, increasing mandated maximum microinsurance premiums and benefits.

MICROCAPITAL BRIEF: Microcredit Regulatory Authority (MRA) of Bangladesh Cancels Licenses of 46 Microfinance Institutions Claiming Misuse of Funds

The Microcredit Regulatory Authority (MRA), a government body that oversees the nongovernment microfinance institutions (NGO-MFIs) in Bangladesh, reportedly has rescinded the licenses of 46 microfinance institutions (MFIs) in the country for being in violation of “existing directives in running their operations” [1].

MICROCAPITAL BRIEF: India’s Ujjivan Financial Services Raises Debt Capital Worth $10m Through Issuance of Non-Convertible Debentures (NCDs) to International Finance Corporation (IFC)

Ujjivan Financial Services, an Indian microfinance institution (MFI), has raised INR 60 crores (USD 10 million) debt capital by issuing listed, secured and redeemable non-convertible debentures (NCDs) to the International Finance Corporation (IFC), the private-investment arm of the World Bank Group.

MICROFINANCE PUBLICATION ROUND-UP: Effects of Female Leadership on Microfinance Institutions (MFIs); Impact of Microcredit in Morocco; Social Performance Management Guide

Female Leadership, Performance, and Governance in Microfinance Institutions;” by Reidar Øystein Strøm, Bert D’Espallier and Roy Mersland; published by Elsevier; 2014; 16 pages; available for purchase at http://www.sciencedirect.com/science/article/pii/S0378426614000284

This report examines the relationship between the performance of microfinance institutions (MFIs) and whether women occupy high management positions, including CEO, chair or director, in those MFIs.

MICROCAPITAL BRIEF: Absolute Portfolio Management’s Vision Microfinance Funds Loan $14m to Microfinance Institutions (MFIs) in Armenia, China, India, Peru, Tajikistan

Absolute Portfolio Management (APM), an arm of Austria-based asset group C-Quadrat, recently informed MicroCapital that it has distributed credits in several currencies that total approximately the equivalent of USD 13.5 million to unspecified microfinance institutions (MFIs) in Armenia, China, India, Peru and Tajikistan through its Dual Return Fund-Vision Microfinance and Dual Return Fund-Vision Microfinance Local Currency.