Successful exit from equity investment in MiBanco

Zurich, 22 May, 2018 — responsAbility Investments, a leading investor in the field of development investments, has fully exited from its indirect equity investment in MiBanco, Latin America’s largest microfinance bank by asset size, through a divestiture to majority shareholder Credicorp Ltd.

Founded in 1998, MiBanco is Peru’s and Latin America’s largest microfinance bank by asset size. With a gross loan portfolio of PEN 9.5 bn (approximately USD 2.9 bn) as of the end of 2017, MiBanco is the undisputed leader in lending to micro and small businesses in Peru with a 26% market share. In addition, MiBanco has the largest network of offices in the Peruvian micro-lending system, 70% of which are located in rural areas, and is present in 23 out of the country’s 25 departments. Over the last six years, MiBanco has provided the first-ever loan to more than 870 thousand Peruvians, clearly reflecting the bank´s commitment to financial inclusion.

Three responsAbility-managed investment vehicles focusing on financial inclusion were shareholders of an entity formed to deploy equity and debt capital to microfinance institutions. This entity in turn was a significant minority shareholder of MiBanco and after many years supporting MiBanco’s growth and social mission it decided to sell its entire stake in MiBanco to Credicorp Ltd; MiBanco´s controlling shareholder at the end of April.

Speaking on behalf of responsAbility, Michael Fiebig, Head of Financial Institutions Equity Investments, explained: “MiBanco is one of the world’s most prominent microfinance banks and finances so many micro- and small businesses across all of Peru. We are proud to have been part of the bank’s ownership structure for many years and wish the bank and its customers a prosperous and successful future.”

In its activities focusing on financial inclusion, responsAbility-managed investment vehicles at the end of 2017 were providing a total of USD 790 m in debt financing to 95 financial institutions across Latin America and held equity stakes in three financial institutions in Bolivia, Brazil and Honduras. Proceeds from the sale of the stake in MiBanco will be used to continue supporting companies that drive financial inclusion.

About MiBanco (www.mibanco.com.pe) MiBanco started its operations in 1998 with a focus to provide financial services to small and micro entrepreneurs and credit access to sectors of the population that have the least resources and access to the traditional financial system.

In 2014, Credicorp acquired Mibanco through its subsidiary Financiera Edyficar S.A., and in March 2015 MiBanco absorbed Edyficar, which led to the consolidation of the microfinance leader in the Peruvian market. As of December 2017, MiBanco shows a loan portfolio of PEN 9,471 MM, net profits of PEN 362 MM, which consolidates a clear leadership in the segment of micro-enterprises and SMEs.

About responsAbility Investments AG (responsAbility.com) responsAbility Investments AG is a leading asset manager in the field of development investments that offers professionally managed investment solutions to private, institutional and public investors. The company supplies debt and equity financing to firms in emerging economies and developing countries, targeting the inclusive finance, renewable energy and sustainable agriculture sectors. responsAbility currently has USD 3 billion of assets under management invested in 540 companies in 90 countries.

In the area of climate financing, responsAbility has been acting as investment manager of a globally active climate fund targeting emerging economies since 2014. The fund tackles the shortage of appropriate financing for low-carbon projects in developing economies and finances energy efficiency and renewable energy projects for SMEs and private households, primarily in cooperation with local financial institutions. In early 2018, the fund’s invested volume reached USD 500 m.