MicroCred Sells Mexican Operations to Fig Tree/Aspire/Creation
The MicroCred Group, an investment division of the French PlaNet Finance Group, has completed the sale of its Mexican operations, including assets valued at the euro-equivalent of USD 5 million, to Fig Tree Ventures, a microfinance management company based in the US.
MicroCred Chairman Arnaud Ventura says that, “The completion of this agreement is an important step in our strategy to focus our resources in Africa and in China.” Fig Tree and its investment partner, Creation Investments, will combine MicroCred Mexico with their Mexican
microfinance company, Aspire. As of April, MicroCred Group had 32 branches, 626 staff members, 54,063 active borrowers and an active loan portfolio of USD 33 million. Fig Tree does not report data to the Microfinance Information Exchange (MIX). June 17. 2010