(Press Release) Social investor Oikocredit has increased its stake in Bolivian microfinance loan provider and bank, Banco Fie, more than doubling Oikocredit’s investment in the institution.
The transaction makes Oikocredit a more significant minority shareholder of Banco Fie. The investment also demonstrates Oikocredit’s commitment to the ongoing development of financial inclusion in Bolivia and worldwide.
Banco Fie manages a loan portfolio of USD 1.2 billion with national coverage in both urban and rural areas. The bank has won numerous national and international awards for its microcredit services, transparency, social performance and outreach. Almost half of Banco Fie’s clients are women and the bank’s products include microcredit loans for small-scale entrepreneurs and for agribusiness. Banco Fie is also a member of the Global Alliance for Banking on Values.
Oikocredit made its first equity investment in Banco Fie in 2002 and further capital increases followed. During their 14-year relationship Oikocredit has supported Banco Fie in becoming one of Bolivia’s leading financial institutions and one of Latin America’s most well-respected providers of inclusive financial services.
Valeria Gelsi, Oikocredit’s equity investment officer responsible for the investment, said: “We are proud to strengthen our relationship with Banco Fie and be able to add value to such a well-respected bank committed to the sustainable development of Bolivia. Banco Fie is part of Oikocredit’s growing equity portfolio in the inclusive finance sector, along with institutions such as Visión Banco in Paraguay, Enlace in El Salvador and Fusion Microfinance in India, to name just a few.”