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Tying the Knot

A Guide to Mergers in Microfinance

An in-depth look at a merger process in Armenia in order to examine the pros and cons, explore the lessons learned, and articulate some guidelines for other MFIs that might be contemplating a merger or similar strategic move in the future.

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Elissa McCarter


Chapter 1: The M&A Phenomenon: Should MFIs Follow Suit? 1
Chapter 2: Setting the Stage: The Armenia Context 11
Chapter 3: Merger Phase I: Deciding to Merge 19
Chapter 4: Merger Phase II: Getting Acquainted and Building Trust 31
Chapter 5: Merger Phase III: Strategic and Transition Planning 47
Chapter 6: Legal Aspects of Microfinance Mergers 67
Chapter 7: Culture Clash: The Human Side 81
Chapter 8: Merger Phase IV: Post-Merger Integration 93
Chapter 9: The Mechanics of Merging MFI Operations 107
Chapter 10: Summary and Conclusions
Selected Resources 138

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