BancoSol
Banco Solidario S.A. (BancoSol) is a commercial bank that provides microfinance services in Bolivia. In 1984, it was founded as a microfinance bank and in 1992 was established as a commercial bank. As of March 2013, BancoSol reported to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, total assets of USD 960 million, a gross loan portfolio of USD 770 million, return on assets (ROA) of 1.35 percent, return on equity (ROE) of 18.2 percent and 202,000 active borrowers. As of 2012, BancoSol also reported total deposits of USD 634 million and 547,000 depositors.
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Banco Solidario S.A. is a private, fully chartered commercial bank. After a long gestation based on the earlier success of PRODEM, BancoSol began operations in early 1992. Just as any other bank in the country, it operates under the regulatory framework of the Central Bank and the prudential norms of the Superintendency of Banks and Financial Institutions. What sets it apart from other Bolivian banks is a portfolio built entirely of well-performing microloans. As such, BancoSol is an outstanding example of a financially viable banking venture into microfinance.
Although chartered as a private bank,BancoSol has strong altruistic roots. Among its shareholders are dominant NGO and donor organizations (75 percent of shares) as well as prominent, successful, and politically influential Bolivian businessmen (25 percent). What makes it different from other microfinance organizations is its charter as a regulated private bank and the explicit pursuit of its altruistic mission through a profit-maximizing strategy of commercial viability. BancoSol’s shareholders expect profits and they will probably reinvest them in the quest for additional outreach, as they believe that a profitable operation best serves their altruistic goals. The accompanying strong concern for financial viability within its market niche is at the roots of BancoSol’s successful performance.
BancoSol’s ownership structure emerged from its NGO origins in PRODEM. This microfinance organization began operations in 1987, and its rapid success made the emergence of BancoSol possible. Although PRODEM now owns about one-third of the shares of BancoSol, it has continued its own operations, with a new specialization in rural microfinance.
By 1990 the belief had developed that the sustained growth of PRODEM was constrained by its NGO status and by its lack of access to sources of loanable funds that could be more flexible than the donors. Funds from the market would allow this organization to respond to substantial and clearly identifiable demands for credit and to manage its cash flows better in the presence of strong seasonal variations of such demands (Glosser, 1994). Thus, BancoSol was created as a response to anticipated constraints on the successful growth of PRODEM.
