Financiera Independencia, a Mexican microfinance institution (MFI) recently announced the closure of its acquisition of 77 percent of the shares of Apoyo Financiero Incorporated (AFI), an MFI that serves the unbanked Hispanic community in the US State of California.
The fact that Financiera Independencia was moving to acquire AFI was announced by MicroCapital in January [2]. The acquisition has reportedly increased the loan portfolio of Financiera Independencia by approximately MXP 31.8 million (USD 2.6 million) bringing in approximately 900 new clients [1].
As of 2009, Financiera Independencia reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 455 million, a gross loan portfolio of USD 368 million, approximately 1.2 million borrowers, return on assets (ROA) of 8.7 percent and return on equity (ROE) of 30.3 percent.
Incorporated in 2006, AFI began operating in 2007 with a branch in San Francisco, California, primarily serving the unbanked Hispanic community with personal loans that carry an annual percentage rate of 36 percent. AFI does not report to MIX, and no other financial information on the organization is available.
By Medha Ravi, Research Associate
About Financiera Independencia:
Founded in 1993, Financiera Independencia is a Mexico-based financial institution that offers loans through products including CrediPopular, a product aimed at self-employed individuals; CrediMama, which is directed at mothers who at least have one child under the age of 18; CrediConstruye, comprising loans for the financing of home construction and improvements; and CedriInmediato, which is oriented towards corporate clients. Additionally, the company is active in the insurance sector, providing a range of life and health insurance policies. As of 2009, Financiera Independencia reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 455 million, a gross loan portfolio of USD 368 million, approximately 1.2 million borrowers, return on assets (ROA) of 8.7 percent and return on equity (ROE) of 30.3 percent.
Source and Resources:
[1] PR Newswire, “Financiera Independencia Closes Acquisition of Apoyo Financiero Inc.”, http://www.prnewswire.com/news-releases/financiera-independencia-closes-acquisition-of-apoyo-financiero-inc-117089598.html
[2] MicroCapital.org story, January 8, 2011, “MICROCAPITAL BRIEF: Mexican Microfinance Lender Financiera Independencia Acquires Apoyo Economico Familiar (AEF) of Mexico, Apoyo Financiero Incorporated (AFI) of California”, https://www.microcapital.org/microcapital-brief-mexican-microfinance-lender-financiera-independencia-acquires-apoyo-economico-familiar-aef-of-mexico-apoyo-financiero-incorporated-afi-of-california/
MicroCapital’s Microfinance Universe Profile: Financiera Independencia, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Financiera+Independencia
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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