FMO has taken a 14.3% stake in BancoSol, the largest microfinance bank in Bolivia. BancoSol is the first private commercial bank in the world dedicated exclusively to microenterprise. As new investor, FMO will play an active role at board level to uphold the bank’s mission and expand its impact, helping thousands of Bolivians with small income access the financing that they need to build better lives.
Other new shareholders are Triodos Microfinance Fund and Triodos Fair Share Fund, both managed by Triodos Investment Management, the Swiss Group ResponsAbility Investments AG and ResponsAbility Management Company SA, member of the Credit Suisse International Group, Women’s World Banking (WWB), and Maj Invest – DMP.
“The incorporation of these new shareholders represents the beginning of a new era for BancoSol. It confirms our mission to provide opportunities for low-income people and businesses, while at the same strengthening our goal to generate opportunities to encourage the inclusion of sectors which have no access to financial services,” said BancoSol General Manager Kurt Koenigsfest.
Nanno Kleiterp, CEO of FMO said, “BancoSol is a long-standing, trusted partner. We believe that we can achieve our mission of empowering entrepreneurs to build a better world through our work with BancoSol. We are very excited about the possibilities the bank creates for micro and small entrepreneurs, and about their ability to contribute to the continued economic development of Bolivia.”
About BancoSol
Banco Solidario S.A. (BancoSol) is the largest microfinance institution in Bolivia and has grown to be one of the top microfinance banks in Latin America over the past 20 years. The institution started operations as an NGO in 1986, and became the first Bolivian commercial bank specialised in microfinance in 1992. BancoSol offers loan products, savings products, payment services and remittances, and micro insurance, through its 104 branches, 120 points of sale, 6 mobile branches and 197 ATMs. As of year-end 2015 the bank had a gross loan portfolio of USD 1,172 million, 251,512 borrowers and 543,858 savings clients.
