Multi Inversiones Banco Cooperativo de los Trabajadores, S.C. de R.L. de C.V.
Context: How Bolsa de Valores de El Salvador works, and what it makes issuers disclose · El Salvador on the LatAm Power Map
In a country where most workers have no bank branch nearby, a Salvador-born cooperative called Mi Banco has spent three decades doing the simple thing: lending payroll workers the money they need, deducting repayments straight from their salary cheque, and almost never losing a dollar doing it.
| Full name | Multi Inversiones Banco Cooperativo de los Trabajadores, S.C. de R.L. de C.V. |
| Commercial brand | Mi Banco |
| Ticker / exchange | MULTIINV.SV — debt securities listed on Bolsa de Valores de El Salvador (BVES); equity not publicly traded |
| Headquarters | San Salvador, El Salvador |
| Sector | Cooperative banking — consumer credit |
| Employees | Not disclosed in available sources |
| Market value (market cap) | N/A — cooperative structure; equity not publicly listed |
| Yearly income (total revenue), 2024 | $44.2 million |
| Net profit (est.), 2024 | ~$5.0 million (our calculation: total income minus total expenses of $39.2m) |
| Net profit margin (est.), 2024 | ~11.3% (our calculation) |
| Return on equity (ROE), 2024 | 9.3% (Moody’s Local) |
| Net loan portfolio, Dec 2024 | $371.2 million |
| Estimated total assets, Dec 2024 | ~$441 million (our calculation) |
| Credit rating (Moody’s Local El Salvador) | EA.sv (entity); A.sv / A+.sv (long-term debt, unsecured / secured) |
| Price-to-earnings | N/A — not publicly traded |
| Dividend yield | N/A — cooperative; surplus distributed to members per cooperative rules |
| Website | mibanco.com.sv |
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What it is
Mi Banco was founded on 30 April 1992 as the Banco de los Trabajadores de la Educación and reached its current name, Multi Inversiones Banco Cooperativo de los Trabajadores, in November 2009. In April 2004 it became the first cooperative bank in El Salvador authorised to take deposits from the general public.
It is a 100% Salvadoran bank offering loans, deposits, savings accounts, and remittances. Its core business is narrow but finely executed: interest on loans makes up 92% of total income, and nearly all loans are consumer credits backed by automatic payroll deductions — the borrower’s employer forwards the repayment directly before the worker ever sees the money.
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Who owns it
Mi Banco is constituted as a cooperative — a “Sociedad Cooperativa de Responsabilidad Limitada de Capital Variable” — whose organisation and financial activities are governed by El Salvador’s Law on Cooperative Banks and Savings and Credit Societies. There is no single controlling private owner or family: each member-shareholder holding common shares is entitled to exactly one vote, regardless of how many shares they hold.
At the most recent recorded general assembly, 78 member-shareholders representing 274,598 shares — 14.76% of total shares — were present or represented, illustrating the broadly distributed ownership typical of the cooperative model. The precise individual ownership breakdown is not disclosed in available sources beyond this aggregate.
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Who runs it
Nelson Oswaldo Guevara Ramírez has led the bank since April 1997 — first as Board President and then also as Presidente Ejecutivo (executive director). He doubles as the legal representative of the institution; few cooperative banks in Central America have had the same leader for nearly three decades.
The next senior figures are Martha Carolina Castro de Aguilar (Vicepresidenta Estratégica Empresarial) and Tito Isaac Salguero Ramos (Gerente Financiero — the CFO equivalent); the board vice-president is Ana Margarita Bertrand Galindo Guzmán, elected to the board in April 2015. All names are sourced from the bank’s own January 2026 governance disclosure.
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The money, in plain words
In 2024 total income reached $44.2 million, a 4% annual gain, driven by growth in loan-interest income. Total costs were $39.2 million — up 9% year-on-year — leaving an estimated net profit of roughly $5.0 million and a net profit margin of about 11.3% (both our calculations): for every dollar of income, the bank kept about eleven cents.
The return on equity — how hard member capital works — was 9.3% in 2024, above the cooperative banking system average of 7.1%, though it has since edged down as funding costs rose. The loan book stood at $371.2 million at year-end — 5% more than in 2023, while the cooperative system as a whole shrank its lending.
Liquid assets covered 99% of short-term deposit obligations at year-end 2024.
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What it is doing now
By mid-2025 the loan portfolio had contracted 3% year-on-year as the bank deliberately slowed new lending — a deliberate liquidity-protection move given tighter market conditions. The loan-quality ratio has come under mild pressure: overdue loans rose to 1.1% of the book by June 2025, up from a near-perfect 0.2% average in 2023–24, partly due to layoffs in some government payroll units — though still well below the 2.8% system average.
El Salvador’s February 2025 agreement with the IMF for a $1.4 billion financing programme has improved medium-term economic prospects and eased the country’s risk profile, which matters for a bank whose loan quality is closely tied to the stability of public-sector employment.
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What to watch
- Funding cost creep. The interest-margin — the gap between what the bank earns on loans and what it pays on deposits — narrowed to 5.3% in 2024 from 6.8% in 2023 as deposit funding costs rose. If that gap keeps narrowing, profit falls further.
- Government payroll risk. Redundancies in some government payroll units have already pushed overdue loans higher. Any wider wave of public-sector job cuts would hit this bank harder than a typical commercial lender.
- Concentration. Deposits from the public make up 76% of total funding, and 78% of those deposits are fixed-term. A sudden shift in renewal rates would stress liquidity quickly.
- Growth target. Management is aiming for 7% loan-book growth in 2025 — ambitious against a backdrop of deliberate caution in the first half. Watch whether it hits that target without sacrificing the near-zero default rate that is the bank’s defining asset.
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Sources
- Mi Banco — Board and Senior Management Disclosure, January 2026: mibanco.com.sv — Junta Directiva y Alta Gerencia Enero 2026
- Mi Banco — Corporate Governance Report 2024: mibanco.com.sv — Informe de Gobierno Corporativo 2024
- Moody’s Local El Salvador — Full Issuer Rating Report, April 2025 (published on mibanco.com.sv): mibanco.com.sv — Informe de Clasificación de Riesgo Moody’s Local, abril 2025
- Moody’s Local El Salvador — Issuer Report, October 2025: moodyslocal.com.sv — Informe Mi Banco, octubre 2025
- Bolsa de Valores de El Salvador — Issuer page (MULTIINV.SV): bolsadevalores.com.sv — Directorio de Emisores, ID 301
- Bolsa de Valores de El Salvador — Interim Financial Report, June 2025: bolsadevalores.com.sv — Mi Banco Informe Semestral Junio 2025
- Mi Banco — Frequently Asked Questions (founding history, regulatory authorisation): mibanco.com.sv — Preguntas Generales
- Market data: EODHD (no financials available for this issuer; all figures sourced from primary documents above).
This is news, not investment advice.
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