Te Creemos acquires Finsol’s loan portfolio in the midst of the pandemic

Te Creemos Holding, controller of Te Creemos and CAME, announced the purchase of the portfolio of the multiple-purpose financial company (SOFOM) Finsol, specialized in granting group credit .
According to information sent to the Mexican Stock Exchange (BMV), the purchase of Finsol’s portfolio was made from Sofom Financiera Independencia, as part of a corporate strategy by the latter.
“As of June 30, 2020, the balance of Finsol México’s loan portfolio was 659 million pesos… As of June 30, 2020, Finsol México had a presence in 29 financial entities in the Mexican Republic and in Mexico City , with a network of 143 branches and a workforce of 1,076 people, ” as stated by the statement sent by Financiera Independencia to the BMV.
According to Jorge Kleinberg, CEO of Te Creemos Holding, this operation is a sign of the development that the popular financial sector is experiencing in the Mexican market, in a context where there is “one of the worst health and economic crises in the modern world.”
“The popular sector lives day by day fighting for its development and well-being, and we believe, and trust Mexicans and we will continue to invest to serve them in the best possible way,” Kleinberg said in a statement.
In March 2018, Te Creemos Holding announced the purchase of the CAME software, one of the largest in the sector, and had previously announced the acquisition of other microfinance companies such as Finca México.
These two acquisitions by Te Creemos Holding add up to a portfolio close to 5,000 million pesos, with a presence in 31 states in Mexico.
“Te Creemos and CAME grant microcredits to the popular savings and credit sector under two methodologies: communal banking and individual credit. As they are regulated entities, the two companies capture savings from customers and thereby fund between 40 and 50% of the portfolio, in addition to being diversified with national and international funding ”, Te Creemos Holding explained.