From Insurance to Savings: The Case For Integral

Bank SAC Apoyo Integral, S.A.

In 2009, in a pioneering partnership with an insurance sector leader, SAC Apoyo Integral began offering clients access to quality micro-health insurance.

The service gives clients access to two doctor visits, clinical examinations, medicines purchases and hospitalisation, access to an extensive network of private physicians, clinical laboratories, pharmacies and hospitals affiliated with the insurance company, and life insurance for funeral expenses.

In 2010 Integral purchased a portfolio from Banco ProCredit comprised of 23, 000 customers (with credit balances under $ 1,000.00), totaling $ 8.2 million, transforming Integral into the largest microfinance institution in the country and underscoring once again the commitment of attention to the sector of micro and small entrepreneurs.

That same year, the International Finance Corporation (IFC) approved comprehensive financing of U.S. $ 8 million, which will serve to attract 25,000 new customers and help 5,000 Salvadoran micro and small businesses grow.

The deal includes a convertible equity proportion, which in the short term supports the IFC’s commitment to provide enhanced support for the sector.

In 2011, the SSF (Superintendent of El Salvador´s Financial System), authorized SAC Apoyo Integral to commence savings operation services. This authorisation signals a new stage in the history of the institution, which will help with product and service diversification.