MiBanco IV - ACP

completed

The project entails supporting the initiatives of ACP Inversiones y Desarollo (the Group or ACP) to strengthen its position in the Peruvian financial sector by: - Creating a new specialized micro-insurance company, focused on micro and small business entrepreneurs and low income families.- Expanding the shareholding base of ACP’s portfolio bank, Banco de la Micro Empresas S.A. (Mibanco or the Bank), an existing IFC client and - Providing a subordinated loan to Mibanco to strengthen the Bank’s capital base and support its growth.Founded in 1969, ACP, formerly known as Accion Comunitaria del Peru, is a Peruvian non-profit organization focused on servicing the educational, business and financing needs of low-income households and micro and small business entrepreneurs in Peru. As of September 2006, the Group’s consolidated asset base totaled approximately $360 million, liabilities $314 million, and shares value in $46 million.Based in Lima, Mibanco was constituted in 1998 as a commercial bank focused on micro and small business entrepreneurs. It serves more than 200,000 micro and small business enterprise clients, employs 2200 persons, and operates 74 branch offices throughout greater Lima and provinces outside the capital. It offers its clients –of which more than half live below the poverty line – a range of services, including working capital loans, credit cards, consumer loans, mortgages, savings accounts, term deposits and checking accounts. As of December 2006, the Bank’s asset base was approximately $388 million, liabilities $335 million, and shareholders’ equity of $53 million.