The European Fund for Southeast Europe (EFSE), a microfinance investment fund based in Luxembourg, recently announced plans to extend a EUR 6 million (USD 8.1 million) credit line to Intesa Sanpaolo Banka d.d. BiH, a commercial bank in Bosnia and Herzegovina that is majority-owned by Intesa Sanpaolo Group of Italy. The line of credit is intended to improve access to loans for housing and home improvement for low-income groups.
“In Bosnia and Herzegovina, especially in areas outside urban centers, there is a great demand for better quality housing. EFSE’s loan to Intesa Sanpaolo Banka addresses this need and will help improve living standards,” said Ms Sylvia Wisniwski, Chief Operating Officer of EFSE.
As of December 31, 2008, Intesa Sanpaolo Banka had assets worth BAM 1.01 billion, the equivalent of over USD 697 million.
By Stefanie Rubin, Research Associate
About the European Fund for Southeast Europe (EFSE):
The European Fund for Southeast Europe (EFSE) aims to foster economic development in southeast Europe by providing financial services to micro- and small enterprises and to private low-income households via qualified local financial institutions. EFSE was set up in 2005, with KfW, a German development bank, as the fund initiator and Oppenheim Asset Management S. à r. l. as the fund manager. Its sole fund adviser is Finance in Motion. Since its founding, EFSE has invested over EUR 720 million (USD 965 million) in Southeast Europe, facilitating more than 200,000 loans. As of December 31, 2009, EFSE has an outstanding investment portfolio of EUR 578 million, the equivalent of over USD 775 million.
About Intesa Sanpaolo Banka d.d. BiH:
Intesa Sanpaolo Banka d.d. BiH is a commercial bank in Bosnia and Herzegovina. It is majority-owned by Intesa Sanpaolo Group, an Italian banking group formed from the merger of Banca Intesa and Sanpaolo IMI. It offers various products including loans to small and medium-sized companies, savings, and deposits. As of December 31, 2008, the bank had assets worth BAM 1.01 billion, the equivalent of over USD 697 million.
Additional Resources:
MicroCapital Universe profile: European Fund for Southeast Europe (EFSE)
MicroCapital Microfinance Universe profile: Intesa Sanpaolo Banka d.d. BiH
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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