- Group of existing shareholders subscribes for new shares
- New capital strengthens ProCredit Group’s ability to capture attractive future growth prospects
ProCredit Holding AG & Co. KGaA today announced a capital increase of EUR 31.9 million. The existing shareholders KfW, IFC, the DOEN Foundation, responsAbility (via responsAbility Participations and responsAbility Microfinance Leaders Fund), and Ohana Holdings will participate in the capital increase at a price of EUR 11.73 per share. In total 2.7 million new shares are going to be issued in the course of the transaction.
Borislav Kostadinov, member of the management of ProCredit Holding: “We are very pleased about the trust and confidence in the excellent growth prospects of our company. We are convinced that the capital increase will enable us to further execute our successful strategy of serving small and medium-sized enterprises (SMEs) in South Eastern and Eastern Europe as their ‘Hausbank’. Our track record of strong and profitable growth demonstrates the quality of our trustful long-term customer relationships as well as our focused and attractive market positioning.”
Jasper Snoek, CFO of the DOEN Foundation, adds: “As an early investor we invest with great confidence in the further development of ProCredit Holding. More SMEs in transition economies will gain access to financing to develop their businesses, thus creating more jobs and more economic development in the countries where ProCredit operates. We are looking forward to our continuing involvement as one of the core stakeholders in the holding company.”
From 2013 to 2015 the ProCredit group increased its return on average equity (RoAE) by 2.8 percentage points to 10.5%. For the first half-year 2016, the RoAE reached a level of 9.5%. As of 30 June 2016, the group’s total assets amounted to EUR 6.0 billion, the total outstanding loan volume was EUR 4.1 billion, and customer deposits stood at EUR 3.8 billion.
About the ProCredit Group
ProCredit Holding AG & Co. KGaA, headquartered in Frankfurt am Main, Germany, is the parent company of the international ProCredit group, comprising banks with a focus on South Eastern and Eastern Europe that have specialised in serving SMEs. The core shareholders of ProCredit Holding AG & Co. KGaA are the strategic investors Zeitinger Invest and ProCredit Staff Invest (comprising investment vehicles for ProCredit staff members), the Dutch DOEN Foundation, KfW and the IFC (World Bank Group). For additional information, visit: www.procredit-holding.com.
KfW is one of the world´s leading and most experienced promotional banks. Established in 1948 as a public law institution, KfW is owned 80 per cent by the Federal Republic of Germany and 20 per cent by the federal states (“Länder”).
KfW Development Bank is Germany’s leading development bank and an integral part of KfW. It carries out Germany´s Financial Cooperation (FC) with developing countries on behalf of the Federal Government. The 600 personnel at headquarters and 370 specialists in its 68 local offices cooperate with partners all over the world. Its goal is to combat poverty, secure the peace, protect the environment and the climate and make globalisation fair. KfW is a competent and strategic advisor on current development issues. For more information, visit www.kfw.de
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, IFC uses its six decades of experience to create opportunity where it’s needed most. In FY16, its long-term investments in developing countries rose to nearly $19 billion, leveraging its capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
About the DOEN Foundation
The DOEN Foundation (Stichting DOEN) was set up in 1991 by the Dutch Postcode Lottery. The DOEN Foundation believes that a green, socially-inclusive and creative society is achievable. DOEN actively seeks innovative, enterprising people and organisations who can contribute to this mission. DOEN supports these pioneers by issuing subsidies and providing loans or by investing through its investment company DOEN Participaties BV, but also to an increasing extent by interconnecting the various parties in its network and to a broad audience. The DOEN Foundation funds initiatives from annual contributions received under long term contracts from its founder, the Dutch Postcode Lottery, and the two other Dutch charity lotteries, the BankGiro Lottery and the Friends Lottery. For
additional information, please visit www.doen.nl.
About responsAbility Investments AG
responsAbility Investments AG is one of the world’s leading asset managers in the field of development investments and offers professionally-managed investment solutions to private, institutional and public investors. The company’s investment solutions supply debt and equity financing predominantly to non-listed firms in emerging and developing economies. Through their inclusive business models, these firms help to meet the basic needs of broad sections of the population and to drive economic development – leading to greater prosperity in the long term. responsAbility currently has USD 3.2 billion of assets under management, invested in over 550 companies across 96 countries. Founded in 2003, the company is headquartered in Zurich and has local offices in Bangkok, Geneva, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris. Its shareholders include a number of reputable institutions in the Swiss financial market as well as its own employees. responsAbility is registered with the Swiss Financial Market Supervisory Authority FINMA. Further information is available at: www.responsAbility.com.
About Omidyar-Tufts Microfinance Fund
The Omidyar-Tufts Microfinance Fund invests in the financial services sector in emerging markets and developing countries. The fund seeks to demonstrate the viability of commercial investment in microfinance to institutional investors. The fund is housed within the Tufts University endowment. The fund was established in November 2005 through a gift to Tufts University by Pierre Omidyar, founder of eBay, and his wife, Pam, co-founder of Omidyar Network with her husband. Tufts University (www.tufts.edu), located on three Massachusetts campuses in Boston, Medford/Somerville, and Grafton, and in Talloires, France, is recognised among the premier research universities in the United States. Tufts enjoys a global reputation for academic excellence and for the
preparation of students as leaders in a wide range of professions. Omidyar-Tufts shares are held by the Omidyar-Tufts Microfinance Fund and Ohana Holdings LLC.
Andrea Kaufmann, Head of Communications, ProCredit Holding, Tel: +49 69 95 14 37 138, e-mail: Andrea.Kaufmann@procredit-group.com