Triple Jump news - Tuesday, January 25, 2011

ASN-Novib Exits From Confianza

January 2011 - On behalf of the ASN-Novib Fund , Triple Jump recently signed an agreement to sell its 8.5 percent stake in Financiera Confianza S.A. in Peru to the BBVA Foundation. BBVA Foundation is the main shareholder of Caja Mi Gente, a deposit-taking microfinance institution.

This is the first time that Triple Jump sells an ASN-Novib Fund stake in an MFI. Through this sale, Triple Jump and ASN-Novib aim to facilitate a merger between Confianza and Mi Gente and the subsequent creation of a microfinance bank, called BanConfianza.

Financiera Confianza S.A is the only important microfinance institution that originated in the poor Andes region of Peru. It serves 85,000 clients and has a loan portfolio of 93 million Euro. It recently got a deposit-taking license.
 
“It was a difficult process, but I am happy that we managed to align the interests of all the stakeholders in the process”, says Erik Geurts, Senior Equity Investment Officer at Triple Jump and alternate member of the Board of Financiera Confianza S.A.

Triple Jump and ASN-Novib believe that this step towards the creation of a bank will benefit  customers, who will then be able to access more financial services at more competitive prices. With this upcoming transformation, ASN-Novib and Triple Jump reached the goal of assisting in the development of financial institutions for lower income groups.
 
On behalf of ASN-Novib, Triple Jump will continue to look for partners in Peru in earlier stages of development with the objective of reaching out to micro-entrepreneurs in regions and markets that are underserved. Erik Geurts: "We wish Confianza and its new partners a successful future!"