Microfinance Focus, May 12, 2011: Netherlands mutual retail fund for microfinance institutions, The ASN-Novib Fund, managed by Triple Jump has recently sold away its 6.8% stake in Peruvian MFI Financiera Créditos Arequipa S.A. (Finenciera CREAR) to Mexican Bank Comapartamos. The ASN-Novib Fund had a stake in CREAR since 2006.
In March this year Compartamos acquired an 82.7% stake in Financiera CREAR for an estimated value of US$ 63 million. As of December 31, 2010, Financiera CREAR had 87,302 clients and a total loan portfolio of US$130 million, 56% of which is from micro-business loans. The company’s net income was US$ 7 million.
“Our philosophy is to help MFIs mature and reach the next level of development. CREAR has clearly reached a new phase and will benefit from the experience of its new owner,” says Steven Evers, Managing Director of Triple Jump. “The transaction also illustrates that we are able to implement our exit strategy successfully” he said.