Credivalores-Crediservicios SAS, a large consumer lender in Colombia, announced on October 13 the successful closing of a COP $ 270,000 million ($93 million USD) syndicated structured loan with a tenor of 60 months and a revolving availability period of 3 years.
- This new facility will be used for the growth of the payroll deduction loan portfolio, a type of loan that has shown higher growth rates than consumer loans, with lower default ratios.
- The loan was structured by Banca de Inversion Bancolombia, with six banks joined the syndicate: Bancolombia,Bancoomeva, Multibank, Banco de Bogota, CorpBanca and Banco de Occidente.
- Through this transaction, Credivalores seeks to continue diversifying its funding sources and strengthening its relationships with local and international financial institutions.
David Seinjet, Credivalores president said: “We appreciate the support of the financial institutions in the syndicate, with whom we have had relationship for several years and that either maintained or increased their exposure to the company. This facility will be essential to reach our growth targets for the payroll deduction loan business and will help to consolidate our position as industry leaders in the origination of financial products designed for the working class of the country.”
Credivalores bills itself as the largest non-bank financial institution in Colombia with more than 560,000 customers, counting credit customers and clients of insurance offered through its network-, and a managed portfolio of more than COP $ 1.1 trillion. With presence in more than 51 cities and municipalities, Credivalores offers credit products targeting Colombia’s blue collar and modest income sector of the country, as well as small business owners. The company is currently rated “AA- (positive outlook)” by BRC Standard and Poor’s and “B+” by Standard and Poor’s.