MICROCAPITAL BRIEF: Grupo ACP’s Forjadores de Negocios Begins Operations in Mexico as Licensed Bank Banco Forjadores

Forjadores de Negocios, a Mexican microfinance institution (MFI) majority-held by Peruvian NGO Grupo ACP, recently began operations as Banco Forjadores, having received permission from Mexican banking authorities to convert to a multiservice bank in 2012. Banco Forjadores reportedly has an initial base of 80,000 Forjadores clients and, in addition to lending to groups, will now offer individual loans and savings services.

Grupo ACP, which has majority stakes in 24 companies in ten Latin American countries, reported total assets of PEN 5.6 billion (USD 2.1 billion) as of December 2011. Forjadores de Negocios reported total assets of USD 34.3 million, return on assets (ROA) of 0.85 percent and return on equity (ROE) of 3.73 percent as of the same date. Forjadores de Negocios reported a gross loan portfolio of USD 22.2 million and 67,900 active borrowers as of September 2012.

By Nicole Boyd, Research Associate

About Banco Forjadores
Banco Forjadores was originally founded in 2005 in Mexico City as Forjadores de Negocios, a microfinance institution (MFI) predominantly serving poor women. In 2006, it became an unregulated multipurpose financial entity allowing the organization to offer any type of credit or leasing product. In 2012, Forjadores de Negocios converted into Banco Forjadores, a multiservice bank allowed to offer deposit services. The bank is majority-held by Peruvian NGO Grupo ACP. As of December 2011, Forjadores de Negocios reported total assets of USD 34.3 million, return on assets (ROA) of 0.85 percent and return on equity (ROE) of 3.73 percent. As of September 2012, the company reported a gross loan portfolio of USD 22.2 million and 67,900 active borrowers.

About Grupo ACP Inversiones y Desarrollo (Grupo ACP)
Established in 1969 as Accion Comunitaria del Peru (ACP), Grupo ACP is a Peruvian non-profit holding company focusing on social inclusion for low-income households. Grupo ACP owns majority stakes in 24 companies that provide financial services including microfinance, housing, infrastructure and microinsurance in ten Latin American countries: Argentina, Bolivia, Brazil, Ecuador, El Salvador, Guatemala, Mexico, Paraguay, Peru and Uruguay. As of December 31, 2011, Grupo ACP reported total assets of PEN 5.6 billion (USD 2.1 billion).

Sources and Additional Resources:

Financial Times. “Peru microlender expands into Mexico,” http://blogs.ft.com/beyond-brics/2013/03/14/peru-microlender-expands-into-mexico/#axzz2OEKQCzCP

MicroCapital. October 20, 2012, “MICROCAPITAL BRIEF: Peru’s Grupo ACP Receives Approval to Convert Microfinance Institution Forjadores de Negocios of Mexico into Banco Forjadores,” https://www.microcapital.org/microcapital-brief-perus-grupo-acp-receives-approval-to-convert-microfinance-institution-forjadores-de-negocios-of-mexico-into-banco-forjadores/

MicroCapital. March 21, 2012, “MICROCAPITAL BRIEF: Fitch Improves Outlook to Positive for Grupo ACP, Owner of Mibanco of Peru and Forjadores of Mexico,” https://www.microcapital.org/microcapital-brief-fitch-improves-outlook-to-positive-for-grupo-acp-owner-of-mibanco-of-peru-and-forjadores-of-mexico/

MicroCapital. November 17, 2011, “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Mobilizes $40m to Support Peruvian Microfinance Institution Mibanco,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-mobilizes-40m-to-support-peruvian-microfinance-institution-mibanco/

MicroCapital Universe Profile: Grupo ACP Inversiones y Desarrollo (Grupo ACP) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grupo+ACP+Inversiones+y+Desarrollo+%28Grupo+ACP%29

MicroCapital Universe Profile: Banco Forjadores https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Banco+Forjadores

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