Microfinance and Capital Markets - Council of Microfinance Equity ...
Microfinance and Capital Markets - Council of Microfinance Equity ...
Microfinance and Capital Markets - Council of Microfinance Equity ...
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ABOUT THE STUDYThis paper discusses the Initial Public Offerings/listings <strong>of</strong> the four leading micr<strong>of</strong>inanceinstitutions that have carried out such transactions—Bank Rakyat Indonesia, BRAC Bank(Bangladesh), Banco Compartamos (Mexico) <strong>and</strong> <strong>Equity</strong> Bank (Kenya). The study attempts todetermine the conditions under which a public <strong>of</strong>fering or listing is suitable for a micr<strong>of</strong>inanceorganization. It does this by analyzing the development <strong>of</strong> each <strong>of</strong> the four institutions <strong>and</strong> howthat development influenced the decision to “go public.” It also examines the purpose, structure<strong>and</strong> process <strong>of</strong> the <strong>of</strong>ferings <strong>and</strong> listing in order to extract applicable lessons. The <strong>Council</strong> hopesthat this research will be helpful to all that are involved in micr<strong>of</strong>inance, especially investors <strong>and</strong>micr<strong>of</strong>inance institutions seeking new entries to capital markets.ABOUT THE COUNCILThe <strong>Council</strong> <strong>of</strong> <strong>Micr<strong>of</strong>inance</strong> <strong>Equity</strong> Funds is a membership organization <strong>of</strong> private entities thatmake equity <strong>and</strong> other investments in MFIs in the developing world. <strong>Council</strong> members seek bothsocial <strong>and</strong> financial returns from their investments in these MFIs. The <strong>Council</strong>’s purpose is threefold:1) to articulate <strong>and</strong> disseminate the knowledge <strong>and</strong> expertise <strong>of</strong> the <strong>Council</strong>’s membersamong themselves <strong>and</strong> to other MFI stakeholders; 2) to present guidelines <strong>and</strong> principles foreffective investment in MFIs; <strong>and</strong> 3) to conceive a future strategy for the role <strong>of</strong> investmentcapital in micr<strong>of</strong>inance. The <strong>Council</strong> was conceived in 2002 <strong>and</strong> <strong>of</strong>ficially launched in 2003.ACCION International serves as coordinator <strong>of</strong> the <strong>Council</strong>’s activities.MEMBERS OF THE COUNCILACCION Investments in <strong>Micr<strong>of</strong>inance</strong>, SPCACCION Gateway FundAfriCap <strong>Micr<strong>of</strong>inance</strong> FundAndromeda FundBellwether <strong>Micr<strong>of</strong>inance</strong> FundCalvert FoundationCatalyst <strong>Micr<strong>of</strong>inance</strong> InvestorsCitigroupDeutsche BankDéveloppement International Desjardins (DID)Gray Ghost <strong>Micr<strong>of</strong>inance</strong> Fund LLCFINCA InternationalOikocreditOmidyar NetworkOpportunity InternationalProFund InternationalresponsAbilityShoreBankShoreCap InternationalSolidarité Internationale pour le Développement etL’Investissement (SIDI)Soros Economic Development FundTriodos BankUnitus <strong>Equity</strong> Fund
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