Project detail - BANCO SOLIDARIO S.A. BANCOSOL

BANCO SOLIDARIO S.A. BANCOSOL

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Who is our client

Banco Solidario S.A. ("BancoSol") is the largest MFI in Bolivia and has grown to be one of the top microfinance banks in Latin America over the past 20 years. The bank has been a client of FMO since 1996 and FMO has provided several loans since then. In June 2015, FMO purchased 28% of the shares of BancoSol together with Triodos and Womens World Banking, whereby FMO's shareholding is 14%.

Funding objective

Through this investment, FMO facilitates BancoSol's growth and enables the bank to provide financial services to it's 250,000 clients. Furthermore, FMO will support the management team in their quest to innovate in the way they reach out to clients, in order to become more efficient in a competitive market and challenging regulatory landscape. Our vision behind this to provide high quality financial services to the poor.

Why we fund this project

The management of BancoSol has an impressive track record of growing the business in a sustainable manner while providing financial services to low-income individuals. It has a history of innovation and was the first bank in Bolivia to introduce eBanking, mobile branches, mini-agencies and many other developments. Other key shareholders in the bank are ACCION, Danish Microfinance Partners and Responsibility, which provides for a group of well-aligned and strong shareholders with a mission to support financial inclusion.

Region
Latin America & The Caribbean
Country
Bolivia
Sector
Financial Institutions
Signing date
10/26/2017
Total FMO financing
USD 3.09 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B