Rabo India closes INR 500 million lending credit facility to Spandana Sphoorty Financial Limited
Rabo India provided INR 500 Million through a credit facility to Spandana Sphoorty Financial Limited, to enable about 50,000 rural microfinance clients to avail of microcredit loans.
Tweet-- Rabo India provided INR 500 Million through a credit facility to Spandana Sphoorty Financial Limited, to enable about 50,000 rural microfinance clients to avail of microcredit loans.
Spandana is the most efficient Micro Finance Organization in the world and the best rated Organization with a rating of "P1 on short term and “A- Stable outlook on long term" as assigned by CRISIL. It has already reached out to over 3.1 million clients with a portfolio of INR 23330 million. Spandana aims at providing innovative financial solutions to the poor in a sustainable manner and to its credit has one of the lowest operating cost structures in Asia. Spandana emphasizes on sustainable focus oriented growth towards offering financial services to the un-served population of the country.
This facility is under Rabo India’s Microfinance portfolio. Rabo India provides a suite of financing and capital market products to enable Microfinance Institutions to access the debt and capital markets efficiently. As a leading AAA rated cooperative bank, globally Rabobank works with partners to reach out to the rural sector.
“The Indian microfinance sector continues to mature with the MFI portfolio increasing during the last year despite the credit crisis. Repayment rates have also remained robust through the crisis. Rabo India is keen to continue to deepen the relationship with Spandana and other players in the microfinance industry." said Surojit Shome, Chief Executive Officer, Rabo India Finance.
“We are delighted to commence the borrowing relationship with Rabo India Finance, part of the AAA rated Rabobank Group, which helps us to provide access to many more deserving women micro-entrepreneurs of India.” said Ms. Padmaja Reddy, CEO, Spandana.
Notes to Editor
About Rabo India Finance and Rabobank
Established in 1998, Rabo India Finance Limited (RIF) is a 100% subsidiary of Rabobank International. Through a wide spectrum of fund and fee based products and services, RIF offers sector specific knowledge-based customized solutions in the following core competencies: Food and Agribusiness, Renewable Energy and Carbon Credits, Corporate Finance, Private Equity, Capital Markets, Mergers & Acquisitions and Corporate Advisory, Trade and Commodity Finance and Micro Finance. RIF is backed by a local pool of intellectual and monetary resources as well as Rabobank’s global network. RIF is committed to partnering with clients in creating and providing innovative solutions to their business needs.
Rabobank Group is a full-range financial services provider founded on co-operative principles and awarded a Triple A credit rating from both Moody’s and Standard & Poor’s since 1981. Headquartered in Utrecht, The Netherlands, the Group employs more than 60,000 staff in 43 countries, servicing the needs of more than nine million clients worldwide. Rabobank Group’s operations include retail banking, wholesale banking, asset management, leasing and real estate. Food & Agribusiness is the international prime focus of the Rabobank Group.
Rabobank International (“Rabobank”) is the Group’s wholesale bank and international retail bank, providing customised banking and finance solutions to businesses involved in all aspects of food and agribusiness.
From our century-old roots as a finance cooperative founded in 1898 by Dutch farmers, Rabobank Group has grown today into the 26th largest bank worldwide in terms of total assets by The Banker Top 1000 World Banks 2008, with total assets of EURO 612 billion and a net profit of EURO 2.8 billion in 2008. In terms of Tier 1 capital (the core measure of a bank’s financial strength from a regulator’s point of view), Rabobank Group is among the world’s 20th largest financial institution by The Banker Top 1000 World Banks 2008. Furthermore, our solidity and stability are evidenced by
being ranked 5th in the World’s 50 Safest Banks 2009 list by Global Finance magazine, and the 147th largest corporation in the world as per the Fortune Global 500 ranking on global companies in 2008. We are also one of the 99 companies in the 2009 World’s Most Ethical Companies ranking by Ethisphere.
More information about the Rabobank Group and Rabo India Finance can be obtained from our websites: www.rabobank.com and www.rabobank.com/india respectively.