BIO raises its stake in Banco Popular
The Belgian Investment Company for Developing Countries (BIO) has been an investor in Banco Popular since 2008 and now makes its fourth follow-up investment amidst a reshuffling of the bank’s shareholding.
Institutional investors IFC and BCIE and impact investor Bamboo Finance have sold their full participation in Banco Popular (together almost 65% of the total shares). Their shares are being taken over by new shareholders Incofin and Triple Jump (through ASN Microkredietfonds) while existing shareholders BIO and FMO increase their position.
Together with Bamboo Finance, BCIE, FMO, and IFC, BIO has played a key role in attracting both local and international funding that has fostered the bank’s expansion in recent years and now raises its stake from 17.93% to 26.60%.
Today, Banco Popular is the leading microfinance institution in Honduras with over 60,000 clients and a consistent profitability. During the last years the bank expanded to rural areas, where the need for financial services and agro-credit is more critical. This is a strategy that will be fostered with the new shareholders as well.
A significant portion of the Honduran population remains excluded from key financial services. Despite their critical role in the economy, small businesses in particular remain excluded or underserved in the Honduran market, especially in rural areas. Banco Popular’s mission fits into BIO’s fund strategy.
Besides a rural expansion, the bank is on the beginning of a digital transformation. The bank is already implementing amongst other initiatives digital and mobile tools that facilitate data collection during the loan origination. Further digitization is scheduled for the coming years.
Equity € 1,559,546.70 (2022)Latin America and Caribbean, Honduras
Subsidy € 10,223.00 (2022)Latin America and Caribbean, Honduras
Subsidy € 12,508.00 (2021-2022)Latin America and Caribbean, Honduras
Debt € 4,494,000.00 (2019)Latin America and Caribbean, Honduras
Equity € 121,408.00 (2017)Latin America and Caribbean, Honduras
Equity € 200,374.59 (2015)Latin America and Caribbean, Honduras
Equity € 1,364,000.00 (2010)Latin America and Caribbean, Honduras
Equity € 1,357,000.00 (2007)Latin America and Caribbean, Honduras
A new institute, a market study and a whole week of events to increase the share of capital of impact finance in Belgium.
BIO has officially launched its East African office with a celebration ceremony held at the Residence of the Belgian Embassador, H.E. Mr Peter Maddens, in Nairobi.