Financiera Independencia, a microfinance institution (MFI) located in Mexico, has announced that on February 24, 2010, its Board of Directors authorized the MFI to submit a request to receive a banking license, thus allowing it to offer a wider range of products and services as well as to receive funding from retail deposits.The MFI expects that the process of receiving a banking license and rolling out new offerings will take approximately eighteen months. The request will be reviewed by the Mexican Banking and Securities and Exchange Commission (CNBV). As of September of 2009, Financiera Independencia has a gross loan portfolio of MXP 4,793.1 million, the equivalent of over USD 371.2 million.
By Christopher Maggio, Research Assistant
About Financiera Independencia:
Founded in 1993, Financiera Independencia is a Mexican microfinance institution traded on the Mexican Stock Exchange (BMV: FINDEP). As of September 2009, Financiera Independencia had a total outstanding loan balance of USD 371.2 million (MXP 4,793.1 million) and operated in 198 offices in 143 cities in 31 of Mexico’s 32 federal entities.
Additional Resources:
PR-USA article entitled ‘Financiera Independencia to Submit a Request for a Banking License’: http://pr-usa.net/index.php?option=com_content&task=view&id=341903&Itemid=95
Microcapital’s Microfinance Universe profile: Financiera Independencia
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