CREDEX

Website: www.credex.com.mx

Background: Eduardo Gallardo D'iauto, founder and CEO, left a senior position at Bancomer-BBV, Mexico’s leading bank, to start Credex (Grupo Crediexpress S.A. de C.V.) in June 2002. Credex initiated operations under a traditional consumption loan business model, lending to salaried employees. The product base was expanded in late 2003 to include productive loans, and Credex processed both types of loans under a centralized structure. In mid-2005, recognizing some of the drawbacks of their methodology, Credex began exploring new lending models and implemented a pilot program to move toward a more traditional microfinance lending methodology.

Since its inception, Credex has disbursed more than 30,000 loans and currently serves close to 12,000 active borrowers with a $5 million loan portfolio. They achieved profitability in 2005. Since 2003 Credex has grown at a compounded annual rate of 146 percent while opening 15 branches in 7 states in southwestern and central Mexico. Credex has actively built its presence and brand in Mexico, recruiting a professional, talented team and creating the infrastructure to support future expansion.

Leadership: Credex is led by Eduardo Gallardo D'iauto, Founder and CEO.

Since we started operations in 2002 Credex has achieved tremendous growth. Working alongside Unitus, we’ll be able to reach even more of the poor and at the same time demonstrate to the capital markets in Mexico and abroad that microfinance makes good business sense.

Product offerings and clientele: Credex targets poor and low-income borrowers—mostly women--in southwestern and central Mexico who lack access to financial services. Credex offers loans for clients who want to invest in their small businesses as well as loans for employed individuals who seek funds for new assets or other personal needs.

Highlights and growth strategy: Credex currently has 15 branches in central Mexico and plans expansion throughout Mexico, after Credex’s methodology transformation is finalized.