Banco Vision (Paraguay)
Banco Vision (Paraguay) is a bank which operates the most extensive rural branch network of all private banks in the country and is the only bank with a significant presence in the interior of the country serving nearly 250,000 borrowers and almost 300,000 depositors with a well diversified mix of savings, microloans, and SME loans. Beltran Macchi, one of Vision’s eight founding shareholders, said, “ we are very pleased to have SFRE as an investor because they share our sustainability-focused mission and by virtue of the open-ended nature of this investment company, they are a well aligned long term partner”. SFRE has invested USD 6.8 million in convertible preferred shares giving them an immediate ownership stake of 4.5% of preferred shares, and after conversion in 2017, a shareholding of 7.8% of common shares.
Financiera Desyfin is a regulated deposit taking finance company, which is in the process of obtaining a banking license. Desyfin is the leading factoring and SME lending company in Costa Rica and when they become a bank will be among the top three banks in terms of ROE and ROA. Desyfin’s founder, Silvio Lacayo Sr., who in 2011 won the Entrepreneur of the Year award for his leadership, business ethics and the financial soundness of Desyfin said, “we are delighted to have SFRE as an investor because they and MicroVest understand and appreciate the work we are doing to support the SME market in Costa Rica, which is vitally important to the sustainable growth of Costa Rica’s real economy. This investment will allow us to continue to Implement our strategy to obtain a banking license and to triple our client base over the next 4 years”. SFRE has invested USD 3 million in subordinated debt.
PRASAC was originally established as a project of the European Union and helps Cambodian people improve their living standards. By transforming into Microfinance and a deposit-taking institution over time, today PRASAC is the leading microfinance institution in Cambodia. It has the most extensive branch network of all the MFIs in the country and has a well-diversified product portfolio, ranging from micro to SME loans, education loans, micro-insurance products, deposits, and other fee-based services such as ATMs, e-banking, local money transfers, money exchange, payroll, bill payments and mobile top-ups. PRASAC’s President & CEO Senacheert SIM said, “SFRE is providing us with needed growth capital to continue our success story. Without investors like SFRE, PRASAC would not be able to grow the company and reach as many clients as we do”. SFRE has invested USD 4 million in amortizing sub-debt with a tenor of 5 years, providing the Fund with liquidity if needed. PRASAC manages a gross loan portfolio of more than US$ 900 million and deposits of more than US$ 500 million. The institution serves more than 330 thousand active borrowers, more than 85% of whom are in rural areas, and about 80% of whom are women.