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Annual Report 2010 - ProCredit Bank

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36<br />

<strong>Annual</strong> <strong>Report</strong> <strong>2010</strong><br />

aiming to strike the right balance between a<br />

shared developmental goal – reaching as many<br />

small enterprises and small savers as possible –<br />

and achieving commercial success.<br />

Strong shareholders provide a solid foundation<br />

for the <strong>ProCredit</strong> group. It is led by <strong>ProCredit</strong><br />

Holding AG, a German-based company that was<br />

founded by IPC in 1998. <strong>ProCredit</strong> Holding is a<br />

public-private partnership. The private shareholders<br />

include: IPC and IPC Invest, an investment<br />

vehicle set up by IPC and <strong>ProCredit</strong> staff<br />

members; the Dutch DOEN Foundation; the US<br />

pension fund TIAA-CREF; the US Omidyar-Tufts<br />

Microfinance Fund; and the Swiss investment<br />

fund responsAbility. The public shareholders<br />

include the German KfW <strong>Bank</strong>engruppe (KfW<br />

banking group); IFC, the private sector arm of the<br />

World <strong>Bank</strong>; the Dutch development bank FMO;<br />

the Belgian Investment Company for Developing<br />

Countries (BIO) and Proparco, the French Investment<br />

and Promotions Company for Economic<br />

Co-operation. The group also receives strong<br />

support from the EBRD and Commerzbank, our<br />

minority shareholders in Eastern Europe, and<br />

from the Inter-American Development <strong>Bank</strong> (IDB)<br />

in Latin America. With the strong support of its<br />

shareholders and other partners, the <strong>ProCredit</strong><br />

group ended the year with a total capital adequa-<br />

cy ratio of 16.5% – a figure that reflects their confidence<br />

in the group.<br />

<strong>ProCredit</strong> Holding is not only a source of equity<br />

for its subsidiaries, but also a guide for the development<br />

of the <strong>ProCredit</strong> banks, providing the<br />

personnel for their senior management and offering<br />

support in all key areas of activity. The<br />

holding company ensures the implementation of<br />

<strong>ProCredit</strong> corporate values, best practice banking<br />

operations and Basel II risk management<br />

principles across the group. The group’s business<br />

is run in accordance with the rigorous regulatory<br />

standards imposed by the German banking<br />

supervisory authority (BaFin).<br />

<strong>ProCredit</strong> Holding and the <strong>ProCredit</strong> group place<br />

a strong emphasis on human resource management.<br />

Our “neighbourhood bank” concept is not<br />

limited to our target customers and how we reach<br />

them; it also concerns the way in which we work<br />

with our staff and how we encourage them to work<br />

with their customers. The strength of our relationships<br />

with our customers will continue to be<br />

central to working with them effectively in <strong>2010</strong><br />

and achieving steady business results. In <strong>2010</strong><br />

there was a strong focus on staff quality and efficiency,<br />

which resulted in a 20% reduction in the<br />

number of staff over the year. This focus has been

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