MEXICO CITY, Feb. 19 /PRNewswire-FirstCall/ -- Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (BMV: FINDEP) ("Independencia" or the "Company"), a Mexican microfinance lender of personal loans to lower income segment individuals, announced today that is has successfully closed the acquisition of all of the outstanding shares of Financiera Finsol, S.A. de C.V., SOFOM., E.N.R., 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), announced on November 30, 2009. Through this 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 S.A. de C.V., S.F.P. (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.
About Financiera Independencia:
Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (Independencia), is a Mexican microfinance lender of personal loans to individuals. Independencia provides microcredit loans on an unsecured basis to individuals in the low-income segments in Mexico in urban areas of both the formal and informal economy. As of September 30, 2009, Independencia had a total outstanding loan balance of Ps.4,793.1 million, operated 198 offices in 143 cities throughout 31 of Mexico's 32 federal entities and had a total labor force of 9,586 people. The Company listed on the Mexican Stock Exchange on November 1, 2007, where it trades under the symbol "FINDEP". More information can be found at http://www.independencia.com.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 Financiera Independencia'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.
Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.
CONTACT: In Mexico, Financiera Independencia, Vicente Gutierrez,
+52-55-5229-0291, vgutierrez@independencia.com.mx; or In the US, Breakstone
Group, Susan Borinelli, +1-646-330-5907, sborinelli@breakstone-group.com
Web Site: http://www.independencia.com.mx/
