FINDEP announces acquisition of the remaining 23% outstanding shares of AFI
MEXICO CITY, Dec. 18, 2013 /PRNewswire/ -- Financiera Independencia, S.A.B. de C.V. SOFOM, E.N.R., (BMV: FINDEP; OTC: FNCRY), (FINDEP or "the Company") a leading microfinance lender of personal loans to lower income segment individuals and working capital loans through group lending microfinance, announces that its Board of Directors has decided to exercise the Call Option agreement on the remaining 23% of the outstanding shares of Apoyo Financiero Inc. ("AFI") for US$3.8 million.
On February 28th 2011, FINDEP announced the acquisition of 77% of AFI's outstanding shares, a microfinance company primarily serving the unbanked Hispanic community in the bay area of San Francisco, California, USA. As part of the agreement, FINDEP obtained a Call Option to acquire the remaining 23% of the shares outstanding.
Noel Gonzalez, Executive Vice-President and Group CEO, commented: "Since its acquisition on 1Q11 through 3Q13, AFI has had an exceptional performance, increasing the number of branches from 1 to 8 and maintaining an annual average portfolio growth above 100% with an average past due loan portfolio of only 3.1%; all of which underscore the excellence of AFI's business model and operating policies in the origination of personal loans. This outstanding track record, in combination with our high expectations for sustained future growth in the USA, ratifies our making the right decision to exercise the call option for the remaining shares; and thus, strengthens FINDEP's current strategy to prioritize portfolio quality and profitability, over size."
About Financiera Independencia:
Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (FINDEP), is a microfinance lender of personal loans to individuals and working capital loans through group lending microfinance. FINDEP provides microcredit loans on an unsecured basis to individuals in the low-income segments in Mexico in urban and rural areas of both the formal and informal economy. As of September 30th, 2013, FINDEP had a total outstanding loan balance of Ps.6,808.0 million, operated 552 offices in Mexico, Brazil, and the US and had a total labor force of 11,881 people. The Company listed on the Mexican Stock Exchange on November 1, 2007, where it trades under the symbol "FINDEP". On November 30, 2009 FINDEP launched a sponsored Level I American Depositary Receipt (ADR) program in the United States. Each ADR represents 15 shares of FINDEP common stock and trades over-the-counter (OTC). More information can be found at www.findep.mx
Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in FINDEP´s filings with the Mexican Stock Exchange. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.
SOURCE Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.