New shareholder for MIRO Bank

Microfinance Bank Romania (MIRO Bank) has increased its share capital through the inflow of $1.1 million from a new shareholder, German advisory firm Internationale Projekt Consult (IPC). This operation boosts the bank’s capital to $14.6 million, which consolidates MIRO Bank’s position as one of the best capitalised players on the market. Established in 1981, IPC provides consulting services to micro-enterprises and small companies, helping them get access to formal financial services in general and banking loans in particular. IPC’s ideology is based on the “development funding” concept, which is used to describe efforts to promote financial systems in developing countries and transition economies in order to stimulate economic development. Prior to this capital increase, the main shareholders of the bank were German institutions Commerzbank (20.83%) and DEG (20.83%), EBRD (20.83%) and International Finance Corporation, the World Bank’s investment arm (19.02%). ZF