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MicroCred completes the sale of its Mexican operations to Creation Investments’ Portfolio Company Aspire

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MicroCred completes the sale of its Mexican operations.

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Paris, June 7th, 2010
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On June 4th, the MicroCred Group completed the successful sale of its Mexican operations. MicroCred concluded an agreement with Fig Tree Ventures (a management company of microfinance institutions based in the US) on the sale of MicroCred Mexico. The transaction includes assets of EUR 4.1 million as of April 30, 2010 and covers all Mexican activities of the MicroCred Group.
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As part of this agreement, Fig Tree Ventures and its investment partner, Creation Investments, hope to merge MicroCred Mexico with their Mexican microfinance company, Aspire.. Aspire, founded in 2008 by FTV and Creation Investments, is a micro, small and medium enterprise finance company based in Guadalajara. Aspire has two major shareholders: Fig Tree Ventures, and Creation Investments Social Ventures Fund I . Through this transaction, Aspire aims to expand its distribution network in Mexico by establishing itself in the State of Veracruz Aspire offers an individual business loan product customized for the Mexican market. After less than 20 months of operation, Aspire is break-even and managing a portfolio with PAR > 30 of 4.6 as of the end of May 2010.
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MicroCred’s Chairman of the Management Board, Mr. Arnaud Ventura, announced that: “The completion of this agreement is an important step in our strategy to focus our resources in Africa and in China. Our contract with Fig Tree Ventures also offers customers the opportunity to maintain their access to a reliable and quality funding resource.”
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Selling of MicroCred Mexico
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About Fig Tree Ventures: Fig Tree Ventures, LLC (FTV) is a management company based in the US and focused exclusively on the creation, development and management of microfinance companies. FTV is owned and operated by three partners who collectively have more than 35 years of direct microfinance company management experience globally. All three partners are currently based in Mexico and will be involved in MicroCred Mexico to ensure its success.
www.aspire.com.mx
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About Creation Investments: Creation Investments is an investment management company committed to eradicating global poverty through direct investments in economic development. Creation Investments Capital Management, LLC currently manages Creation Investments Social Venture Fund I, a private equity fund which makes investments in microfinance institutions and other social ventures. www.creationinvestments.com
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About MicroCred: MicroCred S.A. is an investment company that aims to create a group of companies and banks specialized in microfinance. MicroCred has developed an innovative model to provide microentrepreneurs excluded from the traditional banking system access to financial services. PlaNet Finance, Société Générale, Axa Belgium, the International Finance Corporation, (World Bank Group) the French Development Agency (AFD), the European Investment Bank and Developing World Markets (DWM) are among its shareholders.
www.microcredgroup.com

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Rick Halmekangas
rick@figtreeventures.com
(00 1) 202 684 6682
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Patrick Fisher
patrick.fisher@creationinvestments.com
(00 1) 312 784 3988
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For more information:
www.microcredgroup.com
Contact Presse : Marion Ivars
mivars@microcred.org
(00 33) (0)1 49 21 26 47
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