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Grameen Koota Receives Sanction of 4 Million USD Subordinated Debt from Global Commercial Microfinance Consortium II BV I

January 2013

 Bangalore headquartered microfinance company, Grameen Financial Services Private Limited(GFSPL) popularly known as Grameen Koota, has raised USD 4 million subordinated debt through rated, unsecured, redeemable, non-convertible debentures NCDs from Global Commercial Microfinance Consortium II B.V., Netherlands, a Fund managed by Deutsche Bank.

The NCDs follow the INR 25 Crore worth NCDs issued by GFSPL earlier in June 2012 through responsAbility Social Investments AG (responsAbility). In November 2012, Grameen Koota also successfully completed rollover of USD 7 million from DWM. Both the NCDs are listed on the Bombay Stock Exchange.

“This is the first time an Indian MFI has secured sub-debt from an international financial institution. This also demonstrates the faith of Deutsche Bank in Grameen Financial Services and its borrowers. This funding will help us in increasing lending of income generating loans to our clients and also qualifies as tier II capital” said Suresh Krishna, Managing Director, Grameen Koota.

Speaking on the NCD, Mark Berryman of the Global Social Investment Funds, Deutsche Bank, reiterated the optimism towards the growth of the microfinance sector. He said, “We are very happy to support an efficient and socially focused microfinance institution like Grameen Financial Services. They have a 13 year old proven track record within the sector and are working towards serving unbanked low income households through a wide range of innovative financial products and services.”

 About Grameen Financial Services Private Limited:

Grameen Financial Services Private Limited (GFSPL), a microfinance institution headquartered in Bangalore, popularly known as Grameen Koota serves more than 3.5 Lakh members and has around 1200 employees working from 160 branches in Karnataka, Maharashtra and Tamil Nadu. As at the end of November 2012, the portfolio outstanding of Grameen Koota stood at Rs 37,674 lakh. A socially focused Microfinance Institution, Grameen Koota has 13 years of micro-lending experience in working with Joint Liability Groups formed exclusively of women from poor and low income households with other support products like Water, Sanitation, Education, Health Care, Energy Efficient Cook Stove etc.

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 About Global Commercial Microfinance Consortium II:

Global Commercial Microfinance Consortium II is a fund managed by Deutsche Bank, which provides both long-term senior and subordinated debt in USD or Local Currency to MFIs operating globally that prioritize the highest standards of client care, transparency of operations and pricing, and product innovation to better serve their clients.

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