MICROCAPITAL BRIEF: Symbiotics Issues Bonds Supporting SME, Rural Finance: $12m for Costa Rica’s Banco Improsa, $10m for Indonesia’s Mitra Bisnis Keluarga (MBK) Ventura, $6m for Armenia’s Armeconombank

Symbiotics Group, a Switzerland-based for-profit investment intermediary, recently informed MicroCapital that it has issued local-currency bonds equivalent to the following: USD 12 million to Banco Improsa, a Costa Rican bank that services small and medium-sized enterprises (SMEs); USD 10 million to Mitra Bisnis Keluarga (MBK) Ventura, an Indonesian microfinance institution (MFI) concentrating on serving rural areas; and USD 6.3 million to Armeconombank, an Armenian open joint stock bank.

As of 2015, Banco Improsa reported total net profit of USD 6.3 million and 130,000 depositors. As of 2013, it reported total assets of USD 422 million. As of 2015, MBK Ventura reported total assets of USD 94 million, a gross loan portfolio of USD 77 million and 580,000 clients. It also earned return on assets of 1.9 percent and return on equity of 11.8 percent. Information on any deposit services MBK Ventura may offer is unavailable. As of December 31, 2015, Armeconombank reports total assets of AMD 111 billion (USD 241 million).

As of August 2016, Symbiotics manages USD 1.3 billion in assets held through 20 funds, financing 1.3 million small businesses and low- and middle-income households in 56 countries.

By Petra Barbu, Research Associate

About Banco Improsa

Established in 1986, Banco Improsa is a Costa Rican bank that provides financial services to small and medium-sized enterprises (SMEs). It was established as a non-banking finance company before being converted to a bank in 1995. Banco Improsa is a subsidiary of Costa Rica-based financial holding company Grupo Financiero Improsa. Apart from Costa Rica, it has operations in El Salvador, Guatemala, Honduras and Nicaragua. As of 2015, Banco Improsa reported total net profit of USD 6.3 million and 130,000 depositors. As of 2013, it reported total assets of USD 422 million.

About Mitra Bisnis Keluarga Ventura (MBK)

Mitra Bisnis Keluarga (MBK) Ventura is an Indonesian microfinance institution that was established in 2006. It has the vision of raising the living standards of lowest-income quartile of the population in Indonesia by providing access to micro-and-small working capital loans to large numbers of households, particularly in rural areas. As of 2015, MBK Ventura reported total assets of USD 94 million, a gross loan portfolio of USD 77 million and 580,000 clients. It also earned return on assets of 1.9 percent and return on equity of 11.8 percent. Information on any deposit services it may offer is unavailable.

About Armeconombank

Armeconombank, founded in 1988, is an open joint stock bank that operates in Armenia. It offers loans and associated compulsory savings services through 35 branches. As of December 31, 2015, Armeconombank reports total assets of AMD 111 billion (USD 241 million).

About Symbiotics Group

Founded in 2004, Switzerland-based Symbiotics provides for-profit investment intermediary and business services to investors in and practitioners of micro-, small and medium-sized enterprise (MSME) development. As of August 2016, Symbiotics manages USD 1.3 billion in assets held through 20 funds, financing 1.3 million small businesses and low- and middle-income households in 56 countries. The company also offers Syminvest, a microfinance investment information platform designed to increase transparency and enhance investment capacity in the industry by monitoring regional markets as well as individual institutions.

Sources and Additional Resources:

[1] Information provided directly to MicroCapital by Symbiotics Group

[2] MicroCapital Universe Profile: Banco Improsa

[3] MicroCapital Universe Profile: MBK

[4] MicroCapital Universe Profile: Armeconombank

[5] MicroCapital Universe Profile: Symbiotics Group

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