ASN Microkredietfonds (AMP) invests in largest microfinance player in Honduras
3rd November 2022 – Triple Jump, through the ASN Microkredietfonds, has just become one of the new shareholders of Banco Popular Honduras
Institutional investors IFC and CABEI (BCIE) and impact investor Bamboo Capital Partners (“Bamboo”) are selling their full participation in Banco Popular (together almost 65% of the total shares). Their shares are being taken over by new shareholders Incofin Investment Management and Triple Jump (through ASN Microkredietfonds) while existing shareholders BIO and FMO increase their positions.
BIO, FMO, CABEI and IFC have been Banco Popular’s investors since 2007. Together with Bamboo in 2012, they have played a key role in attracting both local and international funding that has fostered the- microfinance bank’s expansion in recent years.
Today, Banco Popular is the leading microfinance institution in Honduras with 60,000 clients and consistent profitability. Over the last few years, the bank has expanded to rural areas, where the need for financial services and credit for agricultural enterprises is more critical. This strategy 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 remain excluded or underserved in the Honduran market, especially in rural areas. Banco Popular’s mission matches well with the fund strategy of ASN Microkredietfonds.
Besides a rural expansion, the bank is at 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.
Jarri Jung, Director of Financial Institutions at Triple Jump:
“The investment in Banco Popular further confirms Triple Jump and ASN Microkredietfonds’s long-term commitment to inclusive finance investments in Central America. We are extremely excited to become part of Honduras’ largest microfinance institution and only microfinance bank. We look forward to working with our co-shareholders and bank management to build on Banco Popular’s long-term track record of providing impactful financial services to Honduran entrepreneurs.”
Jose Enciso, Head of Private Equity Latin America of Incofin:
“We are very happy with this investment in Banco Popular, entering one of the most successful financial inclusion institutions in Central America and helping to continue the excellent work of its management and current shareholders. This once again demonstrates Incofin’s commitment to the region and to this critical impact sector.”
Jean-Philippe de Schrevel, Founder and Managing Partner of Bamboo Capital Partners commented:
“This is a successful and responsible exit and one which extends our long track record in the microfinance sector. This exit has been unlike anything we have experienced, and I am therefore incredibly proud of the team at Bamboo for completing this transaction during such unprecedented times. Over the last 10 years, Bamboo Capital Partners has played a crucial role in scaling Banco Popular to provide growth opportunities to local entrepreneurs through access to financial services, and we look forward to following Banco Popular’s future successes as it continues its social mission.”
About Banco Popular Honduras
Banco Popular is a regulated banking institution specializing in the microfinance sector and was founded more than 15 years ago. In that time, the company has managed to consolidate itself as the leader in specialized financial services in the Honduran market. The institution has more than USD 170 million in total assets. It is highly committed to providing services and products to all those clients who are not fully served and received by traditional banks. Banco Popular serves more than 180,000 microcredit and voluntary deposit clients and provides micro-insurance and comprehensive non-credit financial services. It has a network of 37 branches across the country, in addition to an extensive network of correspondents, supported by 620 employees.
About ASN Microkredietfonds
ASN Microkredietfonds was established in 1998 by ASN Bank and Oxfam Novib. The Fund allows private individuals to invest in financial service providers in developing countries by issuing shares, which can be traded on a daily basis. ASN Microcredit Fund invests in expanding and mature financial service providers in Africa, Asia, Europe, and Latin America. As an open-ended fund, the Fund can offer long-term equity and follow-on investments, along with senior and subordinated debt. As of October 2015, ASN Microcredit Fund became the first microfinance investment fund with a listing in Europe.
About Incofin Investment Management
Incofin Investment Management (Incofin) is an AIFM licensed, leading international impact investment company focused on financial inclusion, the agri-food value chain and safe water, driven by a purpose to promote inclusive progress. Incofin IM is an AIFM licensed fund manager and has over EUR 1 billion in assets under management. Incofin has a team of 80 professionals spread over its headquarters in Belgium and local investment teams in India, Colombia, Kenya and Cambodia.