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MIF Remittance Conference – June 2005

Banco del Trabajo - Perú Max Chion


Altas Cumbres Group 9 Altas Cumbres Group (GAC) was founded in Chile in 1976. 9 Mission: To provide financial services to individuals from middle and low income sectors of Latin American countries, promoting the improvement of their quality of life. Financial Business Financial Services Related Business Real Estate Investment Guatemala • Banco de Antigua Ecuador • Banco Centro Mundo • RECSA Ecuador

Costa Rica • Financiera Miravalles • RECSA Costa Rica

República Dominicana • Banco de Ahorro y Crédito Altas Cumbres Panamá • Banco Internacional Altas Cumbres

Argentina • RECSA Argentina

Perú •

Banco del Trabajo

• Compañía de Seguros Altas Cumbres • RECSA Perú • Mall Jockey Plaza

Chile • Grupo Altas Cumbres • RECSA Chile • Costa Cachagua


Altas Cumbres Group GAC Businesses

GAC Annual Profits

Profit 2005 - Fcst Var 04/05 (M US$)

30.545

45.566

49%

6.503

6.290

Año 2000

Año 2001

Financial Sub Holding

Año 2004

Año 2005 Fcst

20.000 15.000

12.768

10.000 5.000

2.520

2.289

2.501

2.000

177

0 Ecuador

39.003 51% 855.250 52% 1.092.081 16% 60,58% 70 bps 56,08% 949 bps

Año 2003

23.310

Peru

25.756 564.511 943.186 59,88% 46,60%

2005 - Fcst Var 04/05 M US$

Profit (M US$) Loan origination (M US$) Customers Efficiency ROE

Año 2002

Profit by Country 25.000

2004

10.334

Argentina

Total GAC

18.856

Chile

51% 37%

Dominican Republic

39.003 6.563

30.545

Costa Rica

25.755 4.790

45.565

Guatemala

Total Financial Sub Holding Total Services Sub Holding

M US$

2004 (M US$)

50.000 45.000 40.000 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0


Banco del Trabajo 9 Established in Peru in December 1994. 9 The first regulated financial institution specialized on providing financial services to individuals of the middle and low income sector in Peru. 9 The Bank counts with more than 1,250,000 satisfied customers and has served over 2,000,000 customers since its foundation. Indirectly the bank has contributed in the improvement of the quality of life of over 10,000,000 people. 9 Since 1994, Banco del Trabajo is the most profitable bank of the peruvian financial system. Reported ROE for the year 2004 was 30%. 9 Banco del Trabajo has 73 branches plus 31 points of sales in commercial alliances and a sales force of 1,250 financial advisors throughout the country, covering approximately 85% of the national territory.


Banco del Trabajo Profit (MM US$)

Loan Portfolio (MM US$) 300

= CAGR

250

17

25%

15

11

200 150 100

R= CAG

13

262

300

7

10

5 3

50

7

1

0 2002

2003

2004

-1

2005*

2002

2004

2005*

ROA - ROE

Total Deposits (MM US$) 200

2003

* Forecast

* Forecast

250

15 12

9

191

154

29%

40,00%

= 17% R G A C

ROE

ROA

10,00%

38%

35%

31%

8,00%

30%

30,00%

6,00%

150 100

139

179

212

225

20,00%

10,00%

4%

8%

3%

3%

4%

2,00%

50

0,00%

0 2002

** Proyectado Forecast

2003

2004

1% 2001

2005*

* Forecast

4,00%

0,00% 2002

2003

2004

2005


Remittances to Peru Peruvian residents in Japan 50% 45%

70,000 peruvians in Japan

30% 25%

19,600 of peruvians 28%

20%

45%

41%

40% 46%

40% 35%

32,200 of peruvians

How people send money to peruvian families?

35%

28%

30%

18,200 of peruvians

25%

18%

20%

26%

15%

15%

10%

10%

7%

6%

Other Banks

Other Method

5%

5%

0%

0% Less than five years

Five to ten years

Ten years or more

Convenio Banco do Kyodai - BT Brazil - BCP

9 70 percent* of Latin American adult immigrants living in Japan send remittances on a regular basis.

Aelucoop

Remittances to Peru

9 305,000* Latin American immigrants living in Japan send $2.65* billion to their families on a yearly basis. 9 The average remittance to Peru is US$ 600** and the annual average frequency of remittance is 10** times. Source : * IADB, ** BT - Kyodai

US$ 365 Million *


Remittance Business Beneficiary in Peru Transactional Package

Product characteristics 9 Saving account ƒLocal currency or US$. ƒCompetitive interest rates. ƒZero initial fee and minimum maintenance.

9ATM / Debit card ATM/ Debit card

Saving Account

Consumer and transaction

ƒFree Maintenance. ƒFour transactions free of charge.

9 Credit Card ƒPartial or total payment with the remittance. ƒCredit assessment subject to remittance behavior. ƒNo issuance fees

9 Personal or microfinance loans Credit Card

ƒAccording to remittance behavior.

9Insurance ƒLife insurance for the beneficiary and the

Insurance

peruvian resident.


Remittance Business Resident in Japan

; Gift certificates for the ;

Î Savings in Peru for the

Î Î Î Î Î Î

comeback: ƒBackground saving. ƒScheduled saving. ƒSaving & loan. Savings in Peru as a down payment for future purchases PEN or US$. Competitive rates. Saving account or time deposit. The bank covers with the money transfer costs. Free Maintenance.

Gift Cert.

;

Savings

Saving & loan

Insurance

; ; ;

peruvian relatives. Transfer through Banco del Trabajo Transfer to a debit card or credit card with affinity programs (e.g. health and groceries). Convenient cost. Reloads allowed. Safer than money.

9 Protection for the family. 9 Best value on market 9 Life, accidents, repatriation.


IADB / MIF Loan to Banco del Trabajo Lender Lender Amount Amount Useof ofproceeds proceeds Use Peruvian Residents

Multilateral Investment Fund (MIF), administered by IADB

US$ 7 million / 7 years. Period of grace: 1 year. To enhance the Banco del Trabajo's funding structure by better matching with medium and long-term assets, i.e., longer term loans to micro enterprises, loans to corporations (small and medium enterprises), and mortgage loan to recipients of remittances. Debt Service

Family Remittance

JAPAN

IADB

Loan US$ 7 MM

Banco del Trabajo

Eligible subsub-borrower

Master Trust Account

UNIDOS / Convenio Kyodai

Mizuho Bank

CITIBANK MTA

(US$ 340 M)

Family Remittance

Remittance Beneficiary

PERU


Product Portfolio Beneficiary in Peru Savings and loans 他 For the ones who want the remittance to became a saving, a house down payment or a income record for a loan, at no additional charge.

+

Transactional package

Scheduled saving

=

Direct loan

Home Mortgage Mortgage for for the the family family remittance remittance Home payee payee

Characteristics

9 9 9 9 9

PEN or US$. Time deposit. For house down payment. Special interest rates. Part of the remittance is used to increase the saving account. 9 Maintenance free. 9 Life / accident insurance.

9 Term: Up to 20 years. 9 Amount: Up to US$ 35,000 9 Use of proceeds: Home mortgage or commercial mortgage to microentrepreneurs Micro/Small enterprise loan backed by a Micro/Small enterprise loan backed by a mortgage mortgage

9 Term: At least 3 years. 9 Amount: Up to US$ 20,000 9 Use of proceeds: Working Capital / Asset Financing


Fundación de la Gente “Fundación de la gente” is an non – profit organization, committed on promoting social assistance and education to improve the quality of life of current and future generations of low income peruvians.

EDUCATION To promote education.

SOCIAL ASSISTANCE To offer special aid to individuals and organized groups belonging to “very low income segments”: people who are not in the condition of providing for themselves assistance by their own economic means.


IADB / MIF Technical Assistant Grant to Banco del Trabajo – Fundación de la Gente Donor Donor

Bancodel delTrabajo Trabajo Banco

The IADB / MIF will provide up to US$200,000 (50%).

Commits to match at least the US$200,000.

9 Develop a new mortgage finance products for the recipients of remittances

Useof ofproceeds proceeds Use

9 Product development and staff training of Non-Profit institution for Social Causes 9 Conducting post-evaluation of MIF’s investment. This component will be funded exclusively by MIF.


APPENDIX


Fundación de la Gente Strategic Channels

Sustained education

Flexible training system based on personal competences. Throughout training and orientation programs devolved by the Foundation, as a result of strategic alliances or as a support component to existent programs.

Social

Communication and public opinion

Assistance

Advocacy.

Massive communication campaigns and co production with nationwide media.

Assistance programs aimed to impel community and regional progress.

Throughout social programs developed by the Foundation, as a result of strategic alliances or as a support component to existent programs.

Joint work with other NGO´s and social based community organizations

Social events and educational activities in gathering spaces

Continuous education

Market Research


Sustained education

‰

Offering education and training to current and future microenterpreuners

‰

The acquired knowledge and abilities will be aimed to create a Peruvian microindustralist culture based on 5 pillars that need to be achieved and consolidated by stages

Target group Microenterpreuners belonging to the C/ D segment, people who want to start their own business and remittances recipients from foreign countries.

Training programs

Activities 9

TV channels in bank agencies

9

Co production of programs and sections: TV program “Hagamos empresa”. Alliances with national, regional and local media.

Solidarity Entrepreneur spirit Responsibility

9

Educational news letter

9

Mobile formalization stands

Efficiency and effectiveness

9

Information and orientation services.

Formalization and legalization


‰

Offer social assistance specially to women who work for their communities progress (organized groups, associations or micro enterpreuners) with programs and support in order to impel their work and provide them with tools for their own sustainability.

‰

Support for emergency areas.

Social Assistance

Activities 9

IV Premio Nacional de la Mujer Microempresaria

9

Training programs

9

Youth volunteer program to support interpersonal communication activities with an edu- entertainment approach: fairs, social events, theatrical plays, workshops, amongst other activities.

9

Information and orientation services: web page


Communication and public opinion

‰

‰ ‰ ‰

To inform about the “Fundación de la gente” in order to create discussion , dialogue, and concertation spaces with NGO´s, social based organizations, international cooperation and governmental institutions. Generate alliances with local and international universities, private companies, NGO´s, etc. Receive and transfer the knowledge and the work experience obtained as a result of the programs implemented on the target groups attended by the Foundation. Become public spokesmen of a peruvian microenterpreuners culture (formal, legal, efficient / effective, responsible, enterprising and solidarity).

Target group National, regional and local opinion leaders. State, civil society and private sector decision makers. National, regional and local media.

Activities 9

Communication campaigns( conformation, objectives and activities of the Foundation).

9

Workshops to train spokesmen to approach these issues in the media

9

Management of relevant information for media (press resumes, production, diffusion y monitoring).

9

Media training in order to understand and approach the issue, as well as to comprehend its key relevance in the national progress and development.

9

Promote the conformation of discussion spaces and the production of information for decision makers and opinion leaders to strengthen alliances and obtain additional funds.


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