The primary aim of this fund was to foster the development of the microfinance industry in Latin America, channelling the funding for microfinance institutions.
CODESPA carried out a preliminary analysis of the international prospects for investment funds aimed at promoting microcredits and we saw the opportunity of the Spanish market having a product of these characteristics.
Thus, the BBVA CODESPA Microfinanzas fund became the first banking investment product in Spain aimed at the development of microfinance in the Latin American region, in addition to being the Spanish market’s first free investment fund.
The fund’s main characteristics were to provide funds in local currency and the possibility of attending to unregulated and/or small-sized microfinancial institutions but which have a good performance. We should also highlight that the investors of said fund were largely private, i.e. private clients of BBVA of the private banking division or institutional clients, which have a social motivation in line with the fund’s development interests.
During the term of the BBVA CODESPA Microfinanzas fund, it achieved great successes, among which we can highlight that it achieved assets of €27M.