The resulting financial entity will stand among the leading ones in the Peruvian microfinance market by number of clients, strongly aiming at promoting the development of the people with the lowest incomes.
Lima (Peru), 19 april 2013.- Today, the Superintendency office of Banking, Insurance and AFP (SBS) authorized the merger by absorption of Caja Rural de Ahorro y Crédito Nuestra Gente and Financiera Confianza, as well as the financial-corporation operating-status of the resulting entity.
The merger, which will be effective from May 1st, 2013, is intended to create a financial entity capable of leading the microfinance sector in Peru and promote the development of families with low incomes by granting them access to productive microfinance.
The new financial corporation resulting from the merger will operate under the name Financiera Confianza S.A.A., and will combine the highly complementary assets of the merging entities. Therefore, it is to be a very solid structure with great financial and patrimonial strength, more resources, a wider operating scope and able to provide coverage at full national scale.
As a result of the merger, the new corporation will have assets worth more than 1,7 billion new soles, over 456.000 clients, 2500 employees and its own operative network of 180 offices and points of care.
By means of this venture, the BBVA Microfinance Foundation, along with its international and local investing partners, reaffirms its expanding project in the Peruvian microfinance market, which started in 2008 with the creation of Caja Nuestra Gente (following the acquisition and merging of Caja Rural NorPerú, Caja Rural del Sur y Edpyme Crear Tacna) and the subsequent purchase of Financiera Confianza in 2010.
BBVAMF – Over 1,3 million people attended to in Latin America
The BBVA Microfinance Foundation is a non-profit entity created in 2007 by the BBVA for altruistic reasons, with the specific purpose of promoting the inclusive, sustainable, economic and social development of the less-favoured people through productive finances. The Foundation acts fully independently and does not form part of the BBVA Group, which, in its turn, gets no financial or economic return whatsoever from the Foundation.
The Foundation is actively present in Latin America by means of its nine microfinance-entities, currently attending to 1,3 million clients (60% females), with an accumulated social impact of 4,2 people profited.
Besides the above-mentioned Caja Nuestra Gente and Financiera Confianza in Peru, the list of these entities includes Banco de las Microfinanzas-Bancamía in Colombia, Fondo Esperanza y Emprende Microfinanzas in Chile, Contigo Microfinanzas in Argentina, Microserfín in Panama, Corporación para las Microfinanzas in Puerto Rico and Banco Adopem in the Dominican Republic.