This transaction is FMO’s first loan to a financial institution in Argentina, after the new government took office and initiated an economic transformation to attract much needed private investments and resume economic development. Aligned with our aim to contribute to local prosperity, FMO’s loan will be used for on-lending to SMEs, a segment that extensively lacks financing for working capital and investments. In addition, FMO’s finance will help the bank improve its balance sheet, by providing long tenor financing in USD and local currency, as 50% of the facility is provided in Argentine Pesos. According to the World Bank, domestic credit to private sector was 14% of GDP in Argentina in 2016, one of the lowest in the region.
“Banco Comafi is honored to have received this first financing from FMO, which strengthens our financial structure and supports our strategy to accompany the growth of our SME segment customers”, said Pablo Pochat, CFO of Banco Comafi.
“FMO is proud to partner with Banco Comafi in Argentina, a country that requires a significant increase in private investment. This loan will allow Banco Comafi to continue growing in the SME segment and provide much needed long-term finance for its clients, thereby supporting job creation and economic and social development”, said Huib-Jan de Ruijter, Director of Financial Institutions of FMO.
About Banco Comafi
Banco Comafi is a mid-sized universal bank in Argentina that offers a full range of banking services to individuals, SMEs and corporates clients, and a leading provider of long term financing through financial and operational leasing. Founded in 1985 as a broker house, the bank has successfully grown into a diversified bank, with presence in 8 provinces through 65 branches, gross loans and leases of USD 1.1 billion and more than 500,000 clients. www.comafi.com.ar