Roundup: Banorte share buyback, IIC loans to Coopealianza, ProCredit Ecuador

- Wednesday, September 28, 2011

Roundup: Banorte share buyback, IIC loans to Coopealianza, ProCredit Ecuador

Mexico's biggest locally owned bank, Banorte, has announced it will buy back 1.85bn pesos (US$138mn) worth of shares before the end of 2011.

Analysts at Deutsche Bank (NYSE: DB) consider the move neutral to the share price, as the buyback program represents only 6-7 of Banorte shares' trading days.

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The Inter-American Investment Corporation (IIC) has agreed to provide a US$1mn medium-term loan and technical assistance to Costa Rican microfinance institution Coopealianza to help expand its business in rural areas.

IIC, a unit of the Inter-American Development Bank (IDB), said it will continue supporting Costa Rica's main microfinance associations as part of its mission to promote job creation in rural areas.

Cooperative Coopealianza has been operating since 1971 and has 50 branches across the country.

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IIC has agreed to provide the Ecuadorian arm of German-based microfinance bank ProCredit Holdings with two loans of US$20mn to help expand its loan portfolio.

This is the third transaction the IIC has done with ProCredit Ecuador. The loans will allow the bank to advance credit to 500 SMEs.