TIAA-CREF has purchased multiple Certificates of Deposit (CDs) worth USD 22mn from the Shore Bank and Shore Bank Pacific, US based community development focused banks. This investment sends strong signals about TIAA-CREF’s focus towards Social Investing. As MicroCapital had reported earlier, TIAA-CREF has recently announced a USD 100 mn Global Microfinance Investment Program(GMIP) and had made its first investment by buying a USD 43 mn private equity stake in ProCredit, a microfinance institution (MFI) holding company in September 2006.
This is the single largest CD deposit made in Shore Bank and Shore Bank Pacific.
Similar Posts:
- MICROCAPITAL BRIEF: EBRD Purchases 5% Equity Stake in ProCredit from IFC, Increasing Exposure to SMEs in Europe, Ecuador
- MICROCAPITAL BRIEF: Imkon of Uzbekistan Nets Convertible Debt from BOPA to Expand Microfinance, SME Finance
- MICROCAPITAL BRIEF: Babban Gona Borrows $5m from Huruma Fund to Support Smallholder Farmers in Nigeria, Prepare for International Expansion
- MICROCAPITAL BRIEF: DFC to Support Mastercard Community Pass Program to Expand Access to Digital Services in Africa, India
- MICROCAPITAL BRIEF: Cresol Baser of Brazil Borrows $12m from Huruma Fund for Farm Lending, Green Product Development, Impact Measurement