NEWS WIRE: Peru: Microfinance Leader MiBanco Rumored to be Planning IPO on Lima Stock Exchange This Year

Source: Hoovers.

Original article available here.

LIMA, February 26 – Peru’s leading microlender Mibanco plans to launch an IPO on the Lima stock market this year, sources told Business News Americas.

The Peruvian bank would become the second large Latin American microfinance institution (MFI) to list shares following Mexico’s Banco Compartamos, which in April 2007 raised over USD 400 million by selling 30 percent of its shares on the BMV stock exchange.

Fast-growing Mibanco has also tapped capital markets successfully. In December 2007, it obtained a USD 40 million syndicated loan co-arranged by IFC and Wachovia in what was the first international syndication for a microfinance institution in Latin America, as covered by MicroCapital.

That loan will allow Mibanco to offer longer loan maturities to its microenterprise clients and reach more customers in rural areas.

Originally structured as a USD 30 million loan, the syndication was oversubscribed by USD 18 million.

Mibanco has provided more than 2 million loans to low-income individuals and small businesses in Peru, many of whom had little or no prior access to formal credit institutions.

The bank is the country’s largest provider of microfinance loans by number of clients served and the second largest in terms of loan volume. As of September 30, Mibanco had over USD 512 million in assets and net worth of USD 59 million.

Mibanco is controlled by ACP Inversiones y Desarrollo.

IFC, microcredit non-profit ACCION International and Dutch bank Triodos also hold stakes in Mibanco.

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