MICROCAPITAL BRIEF: BNP Paribas Lends to Satin Creditcare Network of India for Microfinance

France-based bank BNP Paribas has told MicroCapital that it lent an undisclosed sum today to Satin Creditcare Network, a microfinance institution (MFI) in India, to support the growth of its microcredit portfolio. Satin Creditcare serves 3.5 million customers in 18 states with a loan portfolio of approximately INR 62 billion (USD 900 million).

Established in 1990, Satin Creditcare is based in Delhi and lends to households as well as micro-, small and medium-sized enterprises. Its mission is to “provide financial assistance to a large number of households which are excluded from the ambit of mainstream financial service providers so as to enhance their livelihood and promote a productive environment.” While Satin Creditcare does not accept deposits, it operates two subsidiaries, Satin Housing Finance Limited and Taraashna Services, which links borrowing groups with financial institutions.

BNP Paribas, which was formed when Banque Nationale de Paris (BNP) acquired a majority stake in Paribas in 1999, operates in 72 countries. As of December 2018, BNP Paribas had total assets of EUR 2.04 trillion (USD 2.29 trillion).

Sources and Additional Resources

Information provided directly from BNP Paribas to MicroCapital

Satin Creditcare
https://satincreditcare.com

BNP Paribas
https://group.bnpparibas

BNP Paribas financials
https://invest.bnpparibas.com/en/consolidated-financial-statements

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