Frankfurt-based financial services company Deutsche Bank recently met its goal of securing USD 100 million from various investors for its Global Commercial Microfinance Consortium II fund (Consortium II), which provides capital to microfinance institutions (MFIs). The purpose of the fund is to support the growth of MFIs that pursue both financial and social goals as well as prioritize customer care. Consortium II was established in 2012 and has since provided USD 83 million to approximately 30 MFIs in 15 countries . The fund also assists MFIs with initiatives such as improving customer service and seeking Smart Campaign Certification, which covers a range of microfinance client protection practices.
Participants in Consortium II include: Paris-based insurance provider Axa France Vie; Cologne-based insurance group Axa Germany; the Calvert Foundation, a US-based nonprofit that provides financial services; Caisse Nationale de Prévoyance Assurances, a France-based insurance group; Canada-based Développement International Desjardins; US-based financial services provider Everence Community Investments; German-government owned development bank KfW Bankengruppe; the Left Hand Foundation, a US-based nonprofit; US-based financial services provider Money in Motion LLC; the Overseas Private Investment Corporation, which is backed by the US government; US-based financial services holding company State Street; the Swedish International Development Cooperation Agency; Norwegian financial services company Storebrand; and Daniels College of Business at the University of Denver in the US state of Colorado. Deutsche Bank reports operations in approximately 70 countries and assets totaling EUR 1.78 trillion (USD 2.44 trillion) as of September 2013.