Nicaragua’s Banex microfinance bank chairman Gabriel Solórzano quits

By Naagesh Naaraayana

Microfinance Focus, Dec. 2, 2009: Gabriel Solorzano, chairman of Banex, a leading Nicaraguan microfinance bank formerly known as Findesa, has resigned paving the way for a new chairman to be selected by the board.

The announcement came close on the heels of Banex Shareholders Meeting held on Tuesday that had approved a capitalization of $10 million to strengthen the bank which has recently come under pressure, thus affecting the microfinance industry in Nicaragua.

The funds have been raised with the support of all shareholders, international banks and microfinance funds, said a note sent to Microfinance Focus. Investors In Banex, which began its formal banking operations since October 15, 2009,  include Latin American Challenge Investment Fund (LA-CIF), MIF Formin and BlueOrchard.

Solorzano has served the bank as founding member since it was created as an NGO in 1996, as Chairman of the Board of FINDESA since 2002 and of Banco del Exito since 2008. Banex has grown from a single small office in Managua to over 30 branches nationwide and one in Honduras, consolidating as the leader and largest MFI in Nicaragua, said the note.

“I want to thank Microfinance Focus, all my colleagues, board members, shareholders and especially the Banex team for their unconditional effort and support while facing very significant challenges, and always coming out ahead of the pack with excellence and social sensitivity,” said Solorzano in his note.

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