The MicroCred Group, an investment company with operations in France, Madagascar and China, has completed the sale of its Mexican operations to Fig Tree Ventures, including assets of EUR 4.1 million (equivalent to USD 5 million). Fig Tree Ventures is a microfinance management company based in the US. Microcred has a loan portfolio of EUR 27 million (equivalent to USD 33 million) [1].
Arnaud Ventura, MicroCred’s Chairman of the Management Board says that “The completion of this agreement is an important step in our strategy to focus our resources in Africa and in China. Our contract with Fig Tree Ventures also offers customers the opportunity to maintain their access to a reliable and quality funding resource” [2].
According to MicroCred’s press release, Fig Tree Ventures and its investment partner, Creation Investments, will combine MicroCred Mexico with their Mexican microfinance company, Aspire. Financial information on Fig Tree Ventures and Aspire is not available in English.
By Julia Korn, Research Associate
About MicroCred Group:
MicroCred Group invests in microfinance companies and banks to provide them with technical assistance. It was created by PlaNet Finance. As of April 30 2010, MicroCred Group had 32 branches, 626 staff members, 54,063 active borrowers, and an active loan portfolio of EUR 27 million (equivalent to USD 33 million). It has operations in Madagascar, Senegal, China, Nigeria and Cote d’Ivoire.
About Fig Tree Ventures:
Fig Tree Ventures is a management company based in the US that focuses on the development and management of microfinance companies. It does not have a MIX market profile, nor does it report financial information in English.
Sources and Additional Resources:
[1] MicroCred. http://www.microcredgroup.com/index_EN.php
[2] MicroCred. “Selling of MicroCred Mexico.” On June 7, 2010. http://www.microcredgroup.com/documents/EN/PressRelease_MCmx_1006_EN.pdf
MicroCapital Universe. MicroCred Group. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MicroCred+Group
MicroCapital Universe: Fig Tree Ventures. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fig+Tree+Ventures
MicroCapital Universe: PlaNet Finance. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=PlaNet+Finance
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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