Mibanco to launch IPO in 2008
United States, February, 26 2008 -
Peru's leading microlender Mibanco plans to launch an IPO on the Lima stock market this year, sources told BNamericas.
The Peruvian bank would become the second large Latin American microfinance institution to list shares following Mexico's Banco Compartamos, which in April 2007 raised over US$400mn by selling 30% of its shares on the BMV stock exchange.
Fast-growing Mibanco has also tapped capital markets successfully. In December 2007, it obtained a US$40mn syndicated loan co-arranged by IFC and Wachovia (NYSE: WB) in what was the first international syndication for a microfinance institution in Latin America.
That loan will allow Mibanco to offer longer loan maturities to its microenterprise clients and reach more customers in rural areas.
Originally structured as a US$30mn loan, the syndication was oversubscribed by US$18mn.
Mibanco has provided more than 2mn loans to low-income individuals and small businesses in Peru, many of who had little or no prior access to formal credit institutions.
The bank is the country's largest provider of microfinance loans by number of clients served and the second largest in terms of loan volume. As of September 30, Mibanco had over US$512mn in assets and net worth of US$59mn.
Mibanco is controlled by ACP Inversiones y Desarrollo.
IFC, microcredit non-profit ACCION International and Dutch bank Triodos also hold stakes in Mibanco.