Financiera Independencia takes over Financiera Finsol finally

Microfinance Focus, Feb. 20, 2010: Mexican Microfinance lender Financiera Independencia announced on Friday the completion of its acquisition of all of the outstanding shares of Financiera Finsol, the second largest group lending microfinance institution in Mexico, Finsol Vida S.A. de C.V. (an insurance broker), Finsol S.A. de C.V. (a service company) and Instituto Finsol Brazil (a group lending microfinance institution in Brazil).

Through the acquisition, Independencia increased its loan portfolio by Ps.794.6 million and added 173,179 new clients. The total consideration for the transaction at closing was Ps.530 million.

The acquisition of savings and loans related entity, Financiera Popular Finsol (SOFIPO) is still subject to the approval of the Mexican Comision Nacional Bancaria y de Valores, which is expected to take place during the second quarter of 2010.

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