NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, March 14, 2014

Accion, a leader in microfinance and financial inclusion, today announced its support for the sale of Mibanco to Financiera Edyficar, which is owned by Grupo Credicorp, following the regulatory approval of the sale obtained this week.

Accion was an early investor in Mibanco, which was founded in 1998, and helped build it into one of Peru’s leading banks for the poor. Mibanco’s success has spurred competition and innovation in what is now one of the most robust microfinance markets in the world.

Last month, Grupo ACP, Mibanco’s controlling shareholder, and Credicorp, the controlling shareholder of Banco de Credito del Peru (BCP) and Edyficar, another microfinance institution, signed a share purchase agreement for Edyficar to purchase Grupo ACP’s 60.68 percent stake in Mibanco, for U.S. $179.5 million.