ABN AMRO Microfinance Crosses 5 Lacs Mark
Friday, October 5, 2007
ABN AMRO Bank India today announced that its Microfinance division has succeeded in providing basic financial support to over five lac underprivileged households in India. The total ABN AMRO Microfinance loan portfolio has seen tremendous growth, crossing Rs 200 crores in a short time span of four years.
Initiated in September 2003, these services have provided financial aid to more than 540,000 households while maintaining a “nil” non performing asset portfolio till date. The Microfinance operations achieved break even in the first year itself and continue to be profitable.
With the business continuing to grow at over 100% since inception, ABN AMRO Microfinance team is poised to cross its goal of reaching out to 10 lac poor households well before 2009.
Expressing his delight on the achievement, Mr. Romesh Sobti, ABN AMRO?s Executive Vice President & Country Executive in India, said, “ABN AMRO was the pioneer amongst foreign banks in bringing Microfinance to India. We had set out with an ambition of reaching 10 lac poor households by 2009 and it is highly gratifying to achieve the half way milestone in such a short span of time. The exponential growth witnessed by this segment reflects the passion of the team to constantly develop responsible yet innovative financial solutions. This accomplishment contributes greatly to our stature as a market leader in integrating business needs with social responsibility.”
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