Creación del punto de Peakvue en la maquina elegida

Citi

Citi launched Citi Microfinance in 2005 to focus on developing commer- cial relationships with microfinance institutions, networks and inves- tors around the world. It is a small, London-based unit with colleagues in New York, India and Colombia. It also works through Citi branches and business groups in a number of countries. It provides direct and structured financing, access to local capital markets, leasing, individual lending through MFI partners, foreign exchange and interest rate hedg- ing, remittances and insurance. It serves 150 MFIs in nearly 50 countries. It has been involved in a large $350 million public-private partnership with OPIC to provide micro-lending services to borrowers, funding 38 MFIs in 21 countries which have provided small loans to more than 960,000 borrowers.46

Deutsche Bank

Deutsche Bank was the first global bank to create a microfinance fund over a decade ago and has continued to be an important innovator, lend- ing its voice and using the Deutsche Bank platform to further the indus- try. Its activities are led by the Community Development Finance Group as part of the Bank’s CSR commitment, providing loans, investments and limited philanthropic grants to the microfinance sector.

The Community Development Finance Group has launched new micro- finance investment funds over the past 15 years that use innovative structures tailored to the evolving needs of the microfinance sector and has served over 120 MFIs (microfinance institutions) in 50 countries, with $215.561 million in capital benefiting as many as 23.8 million poor entrepreneurs. During a challenging period in the microfinance sec- tor’s growth due to excessive commercialization in a sub-segment of the industry, DB initiated a new industry CEO’s working group of the industry’s leading global microfinance institutions to co-ordinate solu- tions. DB also launched a $100 million fund with technical assistance targeted at microfinance institutions who were leaders in customer ser- vice – and those striving to improve.

Please refer to https://www.db.com/cr/en/society/index.htm for fur- ther details.

46. http://www.theconcordiasummit. org/news/2013/09/16/ concordia-conversations-robert- annibale/

CURRENT ENGAGEMENT OF BANKS

Beyond microfinance and community development, some investment banks have demon- strated a commitment to properly explore and even drive social impact investing in the provision of risk capital to social enterprise/social businesses, despite the immaturity of the sector and the extremely small deal sizes. J.P. Morgan, profiled below, has set up a Social Finance business unit and has been engaged in social investing, advisory/interme- diary and market infrastructure development. In 2010 it highlighted how investors were beginning to organise around the theme of impact investing, treating it in many ways like a distinct asset class. This move catalysed the broader investment and asset management fields to pay greater attention to this new field.

Meanwhile Goldman Sachs in the USA has funded two social impact bonds in the US, including a partnership with United Way of Salt Lake and the Early Childhood Innovation Accelerator to create the first social impact bond financing early childhood education, jointly loaning $7 million to fund the expansion of a high-quality preschool programme for at-risk children in Utah. Goldman Sachs has stated that, ‘we believe this model holds promise

because it is scalable, replicable and sustainable. It provides a new framework for thinking about how the public and private sectors can work together to address pressing social needs in a way that results in better outcomes for children, alleviates some of the financial burden on taxpayers and generates savings for governments.’48_{Most recently, Goldman Sachs launched a $250 mil-}

lion Social Impact Fund initiative which seeks to provide investors with an opportunity to deploy capital to address a range of pressing social challenges in the US whilst also seek- ing a risk-adjusted financial return. The investment strategy is to support neighbourhood building projects, job creation and social enterprise as well as social innovation financing including social impact bonds. The Fund will be run by the internal Urban Investment Group which has committed over $3 billion of the Firm´s capital since 2001.

47. Credit Suisse, (2012) ‘Microfinance at Credit Suisse, 10 years of investing for impact’ (pg.22).

48. http://www.goldmansachs. com/media-relations/in-the- news/archive/op-ed-social- impact-bond-slc-6-13-13.html

‘For Credit Suisse, the success of the microfinance model is the blueprint for

our growing commitment to provide leadership and promote social inno-

vation to meet the diverse needs of people living at the base of the pyramid.

Education, agriculture, healthcare and housing are only a few of the areas

where opportunities to make a difference have been identified. On the one

hand, the role of Credit Suisse will involve raising and channeling funding

to promising initiatives, and delivering in-depth sector research, while on

the other it will entail providing expertise and coaching through our part-

ners and employees to support innovative business models.’

Patrick Elmer, Responsible Investment and Philanthropy Services and Laura Hemrika, Microfinance Capacity-Building Initiative, Credit Suisse

49. Sources for this case study include: face-to-face interview with Ali El Idrissi, Social Finance Unit, 26th _{March 2013; J.P.}

Morgan Social Finance website http://www.jpmorganchase. com/corporate/socialfinance/ social-finance.htm 50. http://www.jpmorganchase. com/corporate/socialfinance/ social-finance.htm