Credicorp acquired Banco Compartir, a Colombian microfinance institution, providing an exit to Accion.
(Press Release) Global nonprofit Accion announced today its successful exit from Banco Compartir (“Bancompartir”), one of Colombia’s largest microfinance institutions. Through multiple strategic investments, governance guidance, and advisory services, Accion’s support has helped Bancompartir provide financial services to more than 450,000 savings clients and over 100,000 borrowers. The exit comes upon Bancompartir’s recent acquisition by Credicorp Ltd., a leading Latin American financial services holding company with operations in Peru, Colombia, Chile and Bolivia.
The relationship between Accion and Bancompartir began over three decades ago, when Accion partnered with a local community savings group to establish a microcredit foundation. Bancompartir eventually became a regulated microfinance institution and then a fully regulated bank, and in the last 20 years it has substantially grown its client base. Today, it manages a loan and deposit portfolio of over $230 million, and is a pillar of Colombia’s financial sector.
Bancompartir has its roots in an organization formed for collective savings and lending to help survivors of a deadly volcano eruption in the Colombian Andes in 1985. In 1988, Accion began working with the group to launch microcredit operations in Bogota, and has continued to work closely with Bancompartir in the years since, providing investments, governance, and strategic advisory services in multiple areas, including product innovation and its transformation into a fully regulated bank.
Accion’s President and CEO Michael Schlein said, “At a time when Latin America’s microfinance market was just beginning to take shape, Accion recognized the potential of the organization now known as Bancompartir, and they have more than fulfilled that promise – today providing vital financial services to hundreds of thousands of families and entrepreneurs across Colombia. I’m very proud of what we and Bancompartir achieved together over the last 30 years and congratulate them as they begin their next chapter.”
Diego Guzmán, Senior Vice President and Chief Relationship Officer Latin America for Accion, said, “We are confident that with the resources and dynamism of its new partners, Bancompartir will build on its success and blaze new trails in serving the financially excluded in Colombia, setting an example for the microfinance industry throughout Latin America and beyond.”
“For almost 30 years, Accion has supported Bancompartir’s strategic objectives with strong commitment and professionalism. Accion gave us their trust since we were a nonprofit organization and has been a key contributor to the successful path towards becoming part of the largest microfinance group in Latam, Credicorp. We want to thank Accion and all the professionals who supported us throughout all these years,” said Gregorio Mejía, President of Bancompartir.