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The BBVA Microfinance Foundation arrives in Argentina via the Fundación Grameen
21 May 2010
As part of its strategy expansion in Argentina, the BBVA Microfinance Foundation has reached an agreement to buy the Grameen Mendoza Foundation’s microcredit division in order to create a new entity called Servicios Microfinancieros S.A. This new organization aims to become the main microfinance entity, a leader in innovation and access to specialized products and services for people with low incomes.
The agreement involves investment of more than a million dollars. The BBVA Microfinance Foundation will have a majority holding in the new entity, whose profits will be reinvested in development and asset strength. According to the president, Manuel Méndez del Río, the aim of the new entity is to “enable people who are now excluded from the conventional financial system to access microfinance products and services and thus improve their standard of living and that of their families, and contribute to development and wealth generation in their communities."
The President and founder of Grameen Mendoza, Mónica Pescarmona, emphasized that “the BBVA Foundation is the best way of guaranteeing the sustainable growth of the new entity, as it provides new and efficient operational platforms that will allow its growth and expansion to provide services to more people with more products."
The BBVA Microfinance Foundation is consolidating its activity in Latin America and already operates in Peru, Colombia, Puerto Rico and Chile. It has more than 525,000 customers, with 2,900 employees working in 232 branches and a loan book of 50 million dollars.
BBVA Microfinance Foundation
The BBVA Microfinance Foundation is a non-profit entity that is independent from the BBVA Group in terms of both governance and management. Its aim is to boost the economic and self-sufficient social development of disadvantaged people in society through access to productive microfinance. Since it was created in 2007, the Foundation has developed and extended its microfinance network with the incorporation and creation of Banco de las Microfinanzas Bancamia in Colombia, Caja Nuestra Gente in Peru, Corporación para las Microfinanzas in Puerto Rico and Servicios Microfinancieros S.A. in Chile.
