European Fund for Southeast Europe (EFSE), a Luxemburg-based microfinance investment vehicle (MIV), recently reported to MicroCapital that it has executed debt investments totaling USD 25 million to three microfinance institutions (MFIs) in Southeast Europe.
EFSE has invested USD 6.95 million to Belarusian Bank for Small Business (BBSB) in Belarus, USD 12.2 million to Nova Ljubljanska Banka (NLB) Tuzlanska Banka in Bosnia and Herzegovina and USD 6.12 million to NLB Montenegrobanka in Montenegro. NLB Tuzlanska Banka and NLB Montenegrobanka are members of NLB Group, a Slovenian international finance group.
As of March 2010, BBSB reported a gross loan portfolio of USD 19.8 million, 1,290 clients and 7 branches. As of 2009, NLB Tuzlanska Bank reported total assets of USD 24.6 billion. As of 2009 NLB Montenegrobanka reported total assets of USD 588 million.
By Matthew Fox, Research Assistant
About European Fund for Southeast Europe (EFSE):
The European Fund for Southeast Europe (EFSE) is a microfinance fund with the goal of fostering economic development in Southeast Europe. It was founded in December 2005 and has facilitated approximately 200,000 loans to micro- and small enterprises (MSEs) and private households. EFSE also runs a development facility that provides technical consulting and training measures to strengthen partner institutions. As of 2009 EFSE reports total assets of USD 797 million, and 58 partner lending institutions that serve 115,000 active end-borrowers.
About Belarusian Bank for Small Business:
The Belarusian Bank for Small Business (BBSB) was founded in 2008 by the European Bank for Reconstruction and Development (EBRD), an international finance institution; Commerzbank AG, a commercial bank in Germany; Germany’s KfW Development Bank; the Netherlands Development Finance Company (FMO), the international development bank of the Netherlands; ShoreBank International Ltd., a US financial institution “dedicated to expanding access to capital for small businesses;” Shorecap International Ltd., a US financial institution “specializing in providing micro and small business loans in transition economies;” Swedfund, a venture fund established by the Swedish government; and the International Finance Corporation (IFC), the investment arm of the World Bank. As of March 2010, BBSB has a gross loan portfolio of USD 19.8 million, serves 1,290 clients and 7 branches.
About Tuzlanska Banka:
NLB Tuzlanska Banka is a Bosnian bank, founded in April 1990, which has been organized as a public limited company. In July 2006, CBS Bank d.d. Sarajevo merged with NLB Tuzlanska Banka d.d., Tuzla. This enabled NLB Tuzlanska Banka to broaden its network and increase its client base. A network with 47 branches offers bank services for clients throughout Bosnia. As of December 2009 NLB Tuzlanska reports total assets of USD 527 million. NLB Tuzlanska is a member of Slovenian international finance group, NLB Group, which reports total assets of USD 24.6 billion as of 2009.
About NLB Montenegrobanka:
NLB Montenegrobanka, formerly Banque de Montenegro, which was founded in 1905, provides banking services to retail and corporate clients and development projects in Montenegro. As of December 2008 NLB Montenegrobanka reports total assets of USD 588 million. NLB Montenegrobanka is a member of Slovenian international finance group, NLB Group, which reports total assets of USD 24.6 billion as of 2009.
About Nova Ljubljanska Banka (NLB) Group:
NLB Group is an international finance group based in Slovenia, founded in 2002. NLB Group has 54 members, of which there are: 12 banks, 11 leasing companies, 12 companies for international trade financing (factoring, forfeiting, export financing), and 5 insurance companies. As of 2009 NLB Group reports total assets of USD 24.6 billion, return on assets (ROA) of -0.4 percent and return on equity (ROE) of -6.6 percent.
Sources and Additional Resources:
E-mail correspondence with European Fund for Southeast Europe (EFSE)
MicroCapital Universe: European Fund for Southeast Europe (EFSE): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Fund+for+Southeast+Europe+(EFSE)
MicroCapital Universe: Belarusian Bank for Small Business: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Belarusian+Bank+for+Small+Business+(BBSB)
MicroCapital Universe: NLB Tuzlanska Banka: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=NLB+Tuzlanska+Banka
MicroCapital Universe: NLB Montenegrobanka: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=NLB+Montenegrobanka
MicroCapital Universe: Nova Ljubljanska Banka (NLB) Group: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=NLB+Group
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