MICROCAPITAL BRIEF: Symbiotics Issues $22m in Bonds for Banco Improsa, Grupo Promerica to Benefit Costa Rican, Salvadoran SMEs

Symbiotics, a Swiss firm specializing in micro-, small and medium-sized enterprise (SME) investment, recently issued bonds for two Central American banks serving SMEs. This included bonds totaling USD 15.7 million for Inversiones Financieras Promerica, the Salvadoran unit of Grupo Promerica, which was founded in Nicaragua and now serves nine countries in Latin America and the Caribbean.

Symbiotics also issued its second tranche of 2016 for Costa Rica’s Banco Improsa in the amount of USD 6.5 million, bringing the total it raised for that institution this year to USD 18.5 million.

Banco Improsa, which has the equivalent of USD 672 million in total assets and a gross loan portfolio of USD 476 million as of 2016, is a member of Grupo Financiero Improsa, which also is based in Costa Rica.

Inversiones Financieras Promerica reports total assets of USD 711 million, and Panama-based Grupo Promerica reports total assets of USD 10.8 billion, deposits of USD 8.7 billion and net loans of USD 6.6 billion as of 2015.

Symbiotics manages assets valued at USD 1.3 billion.

Written by the MicroCapital Team

Sources and Additional Resources

Information provided directly to MicroCapital by Symbiotics

Grupo Promerica financials

Banco Improsa financials

MicroCapital Universe profile on Symbiotics

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