MICROCAPITAL BRIEF: JSC Credo Bank Has Acquired Microfinance Portfolios of MFO BIG, MFO Credit Plus Georgia

Joint Stock Company (JSC) Credo Bank, a Georgian bank, recently announced that it has purchased the microfinance portfolios of two microfinance organizations (MFOs), BIG and Credit Plus Georgia, for undisclosed prices. The acquisitions add a total of GEL 43 million (USD 16.5 million) to Credo’s loan portfolio of GEL 640 million (USD 245 million).

BIG has total assets of USD 13.1 million, a gross loan portfolio of USD 11.3 million and serves approximately 9,500 borrowers through 9 offices as of 2015, the latest year for which data are available.

Credit Plus, which was established in 2009, became a registered microfinance institution in 2011. Financial data on the MFO are not available from the US-based nonprofit Microfinance Information Exchange or other standard sources. Credit Plus provides financial products such as mortgage, business and agricultural loans as well as currency exchange and pawning.

Credo Bank, founded in 1997, serves 270,000 customers via 68 service centers in Georgia. Its mission is to serve small and medium-sized enterprises (SMEs), particularly in rural areas. The bank is owned by international impact investors including Access Microfinance Holding AG, ResponsAbility Investment Management AG and Triodos Investment Management BV.

By Michelle Fleming, Research Assistant

Sources and Additional Resources

Credo press release
http://credo.ge/en/news/503

Credit Plus homepage
http://creditplus.ge

Credo homepage
http://credo.ge

MIX profile on BIG
https://www.themix.org/mixmarket/profiles/mfo-big

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