MICROCAPITAL BRIEF: Symbiotics Issues Bonds Totaling $9.3m to Prasac of Cambodia, AccessBank Azerbaijan 

Symbiotics Group, a Swiss for-profit provider of investment and business services, recently issued bonds totaling USD 9.3 million to Prasac, a Cambodian microfinance institution (MFI), and AccessBank Azerbaijan, a microfinance bank (MFB) in Azerbaijan.

The USD 4.6 million in bonds issued to Prasac represent the second disbursement in a series of three tranches, with the first bonds issued in October 2014 and the final issuance expected in early 2015. This second issuance brings the total disbursement to USD 11.4 million for Prasac, with the expectation that the final tranche will bring the total to USD 13 million. The bonds issued to AccessBank, valued at USD 4.7 million, also represent the second of two tranches, bringing the total to USD 10.7 million.

As of 2013, Prasac reported total assets of USD 452 million, a gross loan portfolio of USD 379 million, 197,000 borrowers, deposits of USD 124 million from 303,000 depositors, return on assets of 4.8 percent and return on equity of 38.9 percent. As of 2014, AccessBank reports deposits of USD 279 million from 332,000, a gross loan portfolio of USD 664 million outstanding to 167,000 active borrowers and total assets of USD 834 million. AccessBank is associated with Germany’s Access Microfinance Holding, which also holds stakes in MFBs in Liberia, Madagascar, Nigeria, Tajikistan and Tanzania. From 2004 through July 2014, Symbiotics has provided USD 811 million in capital to 803,000 micro-,small and medium-sized enterprises (MSMEs) through 150 financial institutions operating in 50 countries.

By Ananya Tiwari, Research Associate

About Prasac
Prasac was originally founded as a credit component of an agriculture support program in Cambodia that was funded by the European Union and implemented by the Royal Government of Cambodia. It was registered in 2004 with the Cambodia Ministry of Commerce as a private limited liability company and is licensed by the National Bank of Cambodia (NBC) to offer financial services. As of 2013, Prasac reported total assets of USD 452 million, a gross loan portfolio of USD 379 million serving 197,000 borrowers, 303,000 depositors with deposits amounting to USD 124 million, return on assets of 4.8 percent and return on equity of 38.9 percent.

About AccessBank Azerbaijan
AccessBank Azerbaijan was founded in 2002 to provide credit and financial services to Azerbaijan’s small businesses and low-income families. AccessBank is owned by the following six shareholders: the Black Sea Trade and Development Bank, a Greece-based financial institution (20% ownership); the European Bank for Reconstruction and Development, a London-based multilateral financial institution (20% ownership); the International Finance Corporation, the World Bank Group’s private-investment arm (20% ownership); Kreditanstalt für Wiederaufbau (KfW), a German development bank (20% ownership); Access Microfinance Holding, an investor in microfinance (16.5% ownership) and LFS Financial Systems, a German consulting company that manages Access Microfinance Holding (3.5% ownership). As of 2014, AccessBank reported to the US-based nonprofit Microfinance Information Exchange (MIX) deposits of USD 279 million in 332,000 accounts, a gross loan portfolio of USD 664 million outstanding to 167,000 active borrowers and total assets of USD 834 million. As of 2013, AccessBank reported return on assets of 3.8 percent and return on equity of 22.3 percent.

About Symbiotics
Founded in 2004, Symbiotics is a for-profit institution provides investment and business services to investors in and practitioners of micro- and small enterprise (MSE) development. Symbiotics works with approximately 28 investment funds (MIVs) and a dozen institutional investors. The company also offers Syminvest, a microfinance investment intelligence platform designed to increase transparency and enhance investment capacity in the industry by monitoring regional markets as well as individual institutions. From 2004 through July 2014, Symbiotics provided USD 811 million in capital to 803,000 micro-,small and medium-sized enterprises (MSMEs) through 150 financial institutions operating in 50 countries.

Sources and Additional Resources

[1] Information provided to MicroCapital by Symbiotics, October, 2014

MicroCapital, September 6, 2014, Symbiotics 2014 MIV [Microfinance Investment Vehicle] Survey Report: Market Data and Peer Group Analysis, https://www.microcapital.org/microfinance-paper-wrap-up-symbiotics-2014-miv-microfinance-investment-vehicle-survey-report-market-data-and-peer-group-analysis/

MicroCapital, August 7, 2014, Symbiotics Issues $30m in Bonds to MicroCred China; India’s Arohan, Grameen Koota, Annapura Microfinance, https://www.microcapital.org/microcapital-brief-symbiotics-issues-30m-in-bonds-to-microcred-china-indias-arohan-grameen-koota-annapura-microfinance/

MicroCapital Universe Profile: Prasac, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Prasac#Description_140_word_limit_

MicroCapital Universe Profile: AccessBank Azerbaijan, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Access+Bank%2C+Azerbaijan

MicroCapital Universe Profile: Symbiotics Group, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Symbiotics+Group

MicroCapital Universe Profile: Access Microfinance Holding AG (AccessHolding), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Access+Microfinance+Holding+AG+%28AccessHolding%29

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