The Bank and its Shareholders
ProCredit Bank Albania was founded in 1995 as the “Foundation for Enterprise Finance and Development” (FEFAD) with 100% of its share capital provided by KfW. The institution focused on providing small and very small Albanian businesses with access to finance.
Despite the country’s economic and political turmoil of 1997, FEFAD achieved a strong financial performance and received a banking license in 1999, becoming FEFAD Bank. The founding shareholders of the bank were FEFAD Foundation, ProCredit Holding (then known as IMI), the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation; they were joined by Commerzbank AG in 2002.
In 2003 the institution was renamed “ProCredit Bank”, thus reflecting its affiliation with the ProCredit group.
Shareholder structure as of December 2015:
|ProCredit Holding||Investment||Germany||100.00 %||25,698,725 EUR|
||100.00 %||25,698,725 EUR|
ProCredit Holding is the parent company of the group, controlling the majority of shares in all ProCredit institutions worldwide. ProCredit Holding was founded as Internationale Micro Investitionen AG (IMI) in 1998 by the pioneering development finance consultancy company IPC.
ProCredit Holding is committed to expanding access to financial services in developing countries and transition economies by building a group of banks that are the leading providers of fair, transparent financial services for very small, small and medium-sized businesses as well as the general population in their countries of operation. In addition to meeting the equity needs of its subsidiaries, ProCredit Holding guides the development of the ProCredit banks, provides their senior management, and supports the banks in all key areas of activity, including banking operations, human resources and risk management. It ensures that ProCredit corporate values, international best practice procedures and Basel II risk management principles are implemented group-wide in line with standards also set by the German supervisory authorities.
Zeitinger Invest GmbH is the leading shareholder and strategic investor in ProCredit Holding. The company emerged from Internationale Projekt Consult GmbH (IPC) in 2016 and is the leading shareholder and strategic investor in the ProCredit group.
ProCredit Holding is a public-private partnership. In addition to Zeitinger Invest GmbH and ProCredit Staff Invest (the investment vehicle of the staff of IPC and ProCredit Group), the other private shareholders of ProCredit Holding include the Dutch DOEN Foundation, the US pension fund TIAA-CREF, the US Omidyar-Tufts Microfinance Fund and the Swiss investment fund responsAbility. The public shareholders of ProCredit Holding include KfW (the German promotional bank), IFC (the private sector arm of the World Bank), FMO (the Dutch development bank), BIO (the Belgian Investment Company for Developing Countries) and Proparco (the French Investment and Promotions company for Economic Cooperation).
The legal form of ProCredit Holding is a so-called KGaA (Kommanditgesellschaft auf Aktien, or in English a partnership limited by shares). This is a legal form not uncommonly used in Germany which can basically be regarded as a joint stock company in which the role of the management board is assumed by a General Partner, and in which the General Partner has consent rights over certain key shareholder decisions. In the case of ProCredit Holding, the General Partner is a small separate company which is owned by the core shareholders of ProCredit Holding AG & Co. KGaA: IPC, ProCredit Staff Invest, DOEN, KfW and IFC. The KGaA structure will allow ProCredit Holding to raise capital in the future without unduly diluting the influence of core shareholders in ensuring the group maintains dual goals: development impact and commercial success.
In May 2016, Fitch Ratings has affirmed ProCredit Holding AG & Co. KGaA's (PCH) Long-Term Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook.
As of September 2013, the ProCredit group had an equity base of EUR 513 million and total assets of EUR 5.8 billion.
The following link provides more information about the ProCredit Group: ProCredit Holding