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Article

14 Nov 2006

Author:
Agence France Presse

Big banks follow Nobel winner's lead in lending to the poor

Major international banks have traditionally shunned the world's poorest people, but bankers like Annibale [Global Director of Microfinance at Citigroup] are suddenly waking up to the potential of this huge untapped market...Bankers from Deutsche Bank, ING, and the chief executive of Banco Estado Chile, Jose Manuel Mena Valencia, joined Annibale for a panel discussion...on how commercial banks can work in microfinance...[Citigroup] and its Mexican unit Banamex have raised over 70 million dollars in capital markets in recent years for Compartamos, the biggest microfinance lender in Latin America...