Factibilidad financiera para la fusión por creación de las Cooperativas y Caja de Ahorro y Crédito filiales de la red de estructuras financieras locales alternativas (REFLA), año 2015

Abstract

This research has as main objective to determine the financial feasibility of the merger by creation of credit unions Familia Austral Ltda., Huinara Ltda., Guachapala Ltda., Integral Ltda., Mushuk Yuyay Ltda., La Florida Ltda., Solidaria Ltda., Gϋel Ltda., Sol de los Andes Ltda. and the credit box Zhondeleg Ltda., which belong to the Network of Local Financial Structures Alternatives (REFLA). The merger idea was born from a proposal made by some entities which saw the need to form a new credit union stronger, more solvent and coverage that gives them the opportunity of augmenting its growth and consolidation at the market. For the development of this academic work a descriptive research and economic and financial information for the year 2014 was conducted. First, the sector of the economy in which these entities operate was studied and each entity individually analyzed. REFLA provided the access to primary information presented in this document. Once the information was collected, the tools of financial analysis that would be used for evaluation of feasibility were defined. Thus the vertical and horizontal analysis and financial indicators applicable to the analyzed case was used, although for some of these were not found reference values by limitations of official statistics. These tools allowed determining the financial position presented by entities expressed through strengths and weaknesses, identifying the strong and weak links in the merger process. Later the balances were consolidated and the financial position of the merged entity was analyzed, which shows an improvement in areas such as profitability and financial efficiency. In addition, other aspects have improved like solvency, liquidity and portfolio quality, although it’s still remain below the average of reference, therefore this constitute the priority areas of management of the merged entity. Finally, it was concluded that the merger for the creation of the credit unions and credit box is feasible.The main financial indicators show a improvement over individual performance, being as follows: Solvency: 8.88% Liquidity: 15.48%, Portfolio Delinquency: 21.75 % ROA: 0,19%, ROE: 2,1%, Productive Assets vs Liabilities with Cost Ratio: 0.85 times, Degree of Absorption: 1.06 times.