MICROCAPITAL BRIEF: ResponsAbility Invests $1.7m in Russian Microfinance Institution Forus Bank

ResponsAbility Social Investments, a Swiss investment company, recently disbursed approximately USD 1.7 million in debt to Russian microfinance institution (MFI) Forus Bank. ResponsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle (MIV) that invests in MFIs and other MIVs, made a local-currency debt investment equivalent to USD 765,000 and a second debt investment of USD 500,000. A third investment of USD 499,000 was made through responsAbility SICAV Mikrofinanz-Fonds (rAMF), another MIV managed by responsAbility Social Investments.

As of December 31, 2011, Forus Bank reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 64.7 million, a gross loan portfolio of USD 53.3 million, return on assets (ROA) of 4.21 percent, return on equity (ROE) of 49.9 percent and approximately 11,400 active borrowers. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. rAGMF reported to MIX assets of USD 532 million, and Mikrofinanz-Fonds reported assets of USD 141 million for the same year.

By Charlotte Newman, Research Associate

About Forus Bank
Forus Bank is a banking microfinance institution (MFI) that was founded in 2005 in Nizhniy Novgorod, Russia, by the Fora Fund, a local nonprofit microfinance organization. Forus Bank offers a range of financial services for micro- and small businesses, covering 11,000 customers through a 42-branch network. As of December 31, 2011, Forus Bank reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 64.7 million, a gross loan portfolio of USD 53.3 million, return on assets (ROA) of 4.21 percent, return on equity (ROE) of 49.89 percent and approximately 11,400 active borrowers.

About responsAbility Social Investments
Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.

About responsAbility Global Microfinance Fund
The responsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility Social Investments that invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. As of 2012, the fund holds a label from the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011.

About responsAbility Mikrofinanz-Fonds
Mikrofinanz-Fonds is a microfinance investment vehicle (MIV) that was launched in 2007, is managed by responsAbility Social Investments AG of Switzerland and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in short- to medium-term income-bearing debt securities of microfinance institutions (MFIs). As of 2012, the fund holds a label from the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.

Sources and Additional Resources:

Information submitted by responsAbility to MicroCapital.

MicroCapital.org story, August 27, 2012, “MICROCAPITAL BRIEF: ResponsAbility Loans $10m to Rafiki Deposit Taking Microfinance of Kenya, Mibanco of Peru,” https://www.microcapital.org/microcapital-brief-responsability-loans-10m-to-rafiki-deposit-taking-microfinance-of-kenya-mibanco-of-peru/

MicroCapital.org story, August 8, 2012, “MICROCAPITAL BRIEF: Hypo Alpe Adria Group, ResponsAbility Social Investments AG Approve Loans Totaling $7m to Microcredit Foundation Prizma of Bosmia and Herzegovina,” https://www.microcapital.org/microcapital-brief-hypo-alpe-adria-group-responsability-social-investments-ag-approve-loans-totaling-7m-to-microcredit-foundation-prizma-of-bosnia-and-herzegovina/

MicroCapital Universe Profile: Forus Bank
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Forus+Bank

MicroCapital Universe Profile: responsAbility Social Investments
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility

MicroCapital Universe Profile: responsAbility Global Microfinance Fund
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29

MicroCapital Universe Profile: responsAbility Mikrofinanz-Fonds
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds

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