Pension Fund TIAA-CREF Makes Second Microfinance Investment and Deposits USD 22mn with Community Developers åö Shore Bank and Shore Bank Pacific

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.

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