Banque Nationale de Paris (BNP) Paribas Russia, the Russian arm of French financial services provider BNP Paribas, and the microfinance department of Russia’s Ministry of Finance have reportedly awarded a two-year, USD 2 million loan to FINCA Universal Credit Organization CJSC, a subsidiary of US-based nonprofit microfinance institution (MFI) FINCA International. Further details on the loan have not been released.
Between 15 and 20 percent of FINCA Russia’s clients are reportedly Russian-speakers who have resettled to the country from other parts of the former USSR looking for better employment opportunities. As of 2011, FINCA Russia reported to the US-based nonprofit data provider Microfinance Information Exchange (MIX) a gross loan portfolio of USD 33.6 million disbursed to approximately 11,000 borrowers.
As of June 2011, BNP Paribas reported total assets of USD 2.7 trillion. As of 2010, FINCA International had total assets of USD 496 million, with an operating profit of USD 10 million.
By Charlotte Newman, Research Associate
About BNP Paribas
Resulting from the 2000 merger between two French banks, Banque Nationale de Paris (BNP) and Paribas, BNP Paribas is a financial services provider headquartered in Paris. The bank has operations in 84 countries and focuses on retail banking, investment banking and wealth management. As of June 2011, it reported total assets of USD 2.7 trillion.
About FINCA International
Founded in 1984 by Dr John Hatch, a pioneer of the village banking model, the Foundation for International Community Assistance (FINCA) International is a microfinance network based in Washington, DC, that provides financial services to poor families through a network of locally managed institutions. FINCA targets its services to poor women living in the Americas, sub-Saharan Africa and Eurasia. In the 2010 fiscal year, FINCA International served approximately 760,000 clients through its subsidiaries in 21 countries. As of 2010, it had total assets of USD 496 million, with an operating profit of USD 10 million. In December of 2011, FINCA launched a subsidiary, FINCA Microfinance Holdings LLC, with funding from the International Finance Corporation (IFC), KfW Bankengruppe, Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden NV (FMO), responsAbility, and Triple Jump.
Sources and Additional Resources:
The Financial: “BNP Paribas Grants its First Microfinance Loan in the Russian Federation,” http://finchannel.com/Main_News/Banks/110458_BNP_Paribas_grants_its_first_microfinance_loan_in_the_Russian_Federation/
MicroCapital.org story, May 30, 2012, “MICROCAPITAL BRIEF: International Finance Corporation, BNP Paribas to Loa $25m to Vietnam’s Orient Commercial Joint Stock Bank for Small and Medium-sized Enterprises, Women-owned Businesses,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-bnp-paribas-to-loan-25m-to-vietnams-orient-commercial-joint-stock-bank-for-small-and-medium-sized-enterprises-women-owned-businesses/
MicroCapital.org story, April 10, 2012, “MICROCAPITAL BRIEF: International Finance Corporation (IFC), BNP Paribas Partner on $100m Facility to Increase Agriculture Financing in Sub-Saharan Africa, Eastern Europe,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-bnp-paribas-partner-on-100m-facility-to-increase-agriculture-financing-in-sub-saharan-africa-eastern-europe/
MicroCapital Universe Profile: BNP Paribas
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=BNP+Paribas
MicroCapital Universe Profile: FINCA International
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=FINCA+International
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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