MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $63m to Belorusian-Russian Belgazprombank of Belarus, Banca Transilvania of Romania, Microfinance Institution AccessBank of Azerbaijan
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Thursday, December 19, 2013

MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $63m to Belorusian-Russian Belgazprombank of Belarus, Banca Transilvania of Romania, Microfinance Institution AccessBank of Azerbaijan

» Posted by in Category: Deals,Eastern Europe and Central Asia,Key Players at 12:29 pm

The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle (MIV) backed by multiple governments, recently disbursed loans intended to benefit micro-, small and medium-sized enterprises (MSMEs) in the following amounts: EUR 20 million (USD 27.4 million) to Belorusian-Russian Belgazprombank, a Belorusian bank; EUR 15 million (USD 20.5 million) to Banca Transilvania, a privately-owned Romanian bank; and USD 15 million to AccessBank, an Azerbaijani for-profit microfinance institution (MFI) and a member of Germany’s Access Microfinance Holding (AccessHolding) [1].

As of December 2011, Belgazprombank reported total assets of BYR 7.8 trillion (USD 932 million).

Banca Transilvania reported total assets of RON 29 billion (USD 8.5 billion) as of June 2012.

As of 2012, AccessBank reported total assets of USD 656 million, a gross loan portfolio of USD 581 million, 129,000 active borrowers, USD 241 million in total deposits from 173,000 active depositors, return on assets (ROA) of 3.67 percent and return on equity (ROE) of 17.10 percent.

EFSE has an outstanding investment portfolio of EUR 774 million (USD 1 billion) as of June 2013. As of 2013, EFSE holds a microfinance label from Luxembourg Fund Labeling Agency (LuxFLAG), an NGO that certifies that social investment vehicles actually invest as advertised.

By Nisha Koul, Research Associate

About Belorusian-Russian Belgazprombank: The Belorusian-Russian Belgazprombank Joint Stock Company was established in November 1997. The bank is involved in the settlements of gas supplies to the Republic of Belarus as well as in settlements for the transit of Russian gas to Europe. As of December 31, 2011, the Bank reported total assets of BYR 7.8 trillion (USD 932 million).

About Banca Transilvania: Banca Transilvania is a privately-owned bank in Romania established in 1994. Banca Transilvania is a member of the Banca Transilvania Financial Group, which offers financial services including leasing, securities and asset management. The bank itself has four divisions: retail, small and medium-sized enterprise (SME), corporate and medical. It has approximately 400 branches and agencies across the country. In June 2012, Banca Transilvania reported total assets of RON 29 billion (USD 8.5 billion).

About AccessBank: Founded in 2002, AccessBank provides credit and other financial services to Azerbaijan’s micro- and small businesses and low-and middle-income families. Access Bank is owned by six shareholders: the Greece-based Black Sea Trade and Development Bank; the UK-based European Bank for Reconstruction and Development; the US-based International Finance Corporation; Germany’s Kreditanstalt für Wiederaufbau (KfW); Access Microfinance Holding, a German microfinance investor and LFS Financial Systems, a German consulting company. As of 2012, AccessBank reported total assets of USD 656 million, a gross loan portfolio of USD 581 million, 129,000 active borrowers, USD 241 million in total deposits from 173,000 active depositors, return on assets (ROA) of 3.67 percent and return on equity (ROE) of 17.10 percent.

About Access Microfinance Holding (AccessHolding): Access Microfinance Holding AG (AccessHolding) was established in 2006 in Germany by LFS Financial Systems GmbH (LFS). It invests in microfinance institutions (MFIs) and aims to develop its investments through equity finance, holding services and management services rendered by LFS, which acts as its technical partner. AccessHolding establishes new MFIs together with external partners and transforms existing non-bank microlending institutions into microfinance banks that offer a wider range of services such as deposits. AccessHolding is a joint-stock company with committed capital of EUR 26.4 million (USD 37 million). As of March 2012, AccessHolding has investments in AccesBanque Madagascar (39.2 percent share); AccessBank Azerbaijan (16.5 percent share); AccessBank Tanzania (42.9 percent share); AB Microfinance Bank Nigeria Limited (50.1 percent share); AccessBank Liberia (52 percent share); and AccessBank Tajikistan (52 percent share).

About European Fund for Southeast Europe (EFSE): The European Fund for Southeast Europe (EFSE) was established in 2005 by Kreditanstalt für Wiederaufbau Entwicklungsbank (KfW), a German development bank, with financial support from the German Federal Ministry for Economic Cooperation and Development (Bundesministerium für wirtschaftliche Zusammenarbeit und Entwicklung) and the European Commission of the EU. EFSE seeks to aid economic development in southeastern Europe and parts of central Asia by supporting the provision of financial services to low-income households and micro- and small enterprises via local financial institutions. EFSE is privately managed, with Oppenheim Asset Management Services of Luxembourg acting as fund manager and Finance in Motion GmbH of Germany acting as fund advisor. As of June 2013, EFSE has an investment portfolio of EUR 774 million (USD 1 billion). As of 2013, EFSE holds a microfinance label from Luxembourg Fund Labeling Agency (LuxFLAG), an NGO that certifies that social investment vehicles actually invest as advertised.

Sources and Additional Resources:

[1] Information submitted by Finance in Motion to MicroCapital, December 2013.

MicroCapital Story, July 29, 2013, “Asian Development Bank (ADB) Loans $50m to AccessBank of Azerbaijan for Micro-, Small, Medium-sized Enterprises in Rural Areas,” http://www.microcapital.org/microcapital-brief-asian-development-bank-adb-loans-50m-to-accessbank-of-azerbaijan-for-micro-small-medium-sized-enterprises-in-rural-areas/

MicroCapital Story, February 25, 2013, “Minsk Transit Bank, Belgazprombank of Belarus Access $50m Facility for SME Energy Efficiency From European Bank for Reconstruction and Development (ERBD),” http://www.microcapital.org/microcapital-brief-minsk-transit-bank-belgazprombank-of-belarus-access-50m-facility-for-sme-energy-efficiency-from-european-bank-for-reconstruction-and-development-erbd/

MicroCapital Story, January 8, 2013, “European Fund for Southeast Europe (EFSE) Loans $17m to Banca Transilvania, Agricover Credit of Romania,” http://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-17m-to-banca-transilvania-agricover-credit-of-romania/

MicroCapital Universe Profile, Belorusian-Russian Belgazprombank, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Belorussian-Russian+Belgazprombank+Joint+Stock

MicroCapital Universe Profile, Banca Transilvania, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Banca+Transilvania

MicroCapital Universe Profile, AccessBank, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AccessBank

MicroCapital Universe Profile, Access Microfinance Holding, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Access+Microfinance+Holding+AG+%28AccessHolding%29

MicroCapital Universe Profile, European Fund for Southeast Europe (EFSE), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Fund+for+Southeast+Europe+%28EFSE%29

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