The Fundación BBVA para las Microfinanzas (BBVA Foundation for Microfinance) received permission from Peru’s Superintendent of Banks, Insurance, and AFP (SBS) to acquire the Edpyme Crear Tacna. The Fundación BBVA can purchase more than 10 percent of the microfinance institution (MFI)’s capital stocks.
This is Fundación BBVA’s third purchase of a Peruvian MFI in the last year. In 2007, it purchased 98.14 percent stake of Caja Rural de Ahorro y Crédito Caja Nor Péru located in the northern city of La Libertad and 55.7 percent of its southern counterpart in Arequipa, Caja Rural de Ahorro y Crédito Caja Sur. The foundation intends to combine these three MFIs, forming the 8th largest MFI out of the 39 supervised by the SBS.
The Fundación BBVA para las Microfinanzas is the non-profit microfinance arm of Spanish retail and commercial bank Banco Bilbao Vizcaya Argentaria SA (BBVA). The foundation began operations last year with a 200 million euro (USD 259.9 million) endowment, as previously reported by MicroCapital.
MicroCapital also recently covered BBVA’s recent loan to Latin American MFI Financiera Solidaria and its expansion in its Colombian microfinance investment. This includes an alliance with Women’s World Bank to create the first Columbian bank dedicated to microfinance, which will be called Bancamía and be controlled by BBVA.
Crear Tacna is an Empresa de Desarrollo para la Pequeña y Microempresa (Edpyme or Development Business for Small and Microenterprises), focused on southern Peru. According to the rating agency MicroRate, Crear Tacna had 13,372 clients, a gross loan portfolio of USD 19.89 million, a ROA of 3.1 percent, and a ROE of 17 percent as of yearend 2007.
by Jennifer Lee
Additional Resources:
Mix Market: Edpyme Crear Tacna, CRAC Caja Nor Péru, CRAC Caja Sur
Banco Bilba Vizcaya Argentaria, SA: Home, Fundación
El Comercio: “La Fundación BBVA comprará Crear Tacna”, March 18, 2008.
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