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FMO is proud to announce the closing of its first loan to new client Banco CMF (“CMF”) in Argentina. The senior unsecured term loan will help CMF continue to support SME clients in diverse sectors of the economy, providing a stable source of financing in a volatile and adverse economic scenario.
The International Monetary Fund estimates that Argentina’s recession will continue to its second year in 2019 as a result of fiscal and economic tightening, creating a challenging environment for SMEs. In this context, Banco CMF has continued providing financing and services to its clients, based on close relationships and deep understanding of their businesses.
“Given its focus on long term relationships and providing high quality service to its clients, Banco CMF is an attractive partner for FMO to contribute to the development of SMEs in Argentina. Through our partnership with CMF, we aim to support economic activity and the creation of decent jobs in the country” said Huib-Jan de Ruijter, FMO’s Director of Financial Institutions.
Patricio Ovalle, Head of Financial Institutions at Banco CMF commented: “We are very pleased to partner with the FMO in this transaction. By combining FMOs funding capacity and our knowledge of the local market, our alliance creates ideal conditions to provide improved access to funding to SMEs, a strategic segment for Banco CMF”.
About Banco CMF
Banco CMF is a medium sized bank providing financing and a wide range of banking services to SMEs and small corporates in Argentina. Founded in 1978 as a financial company, CMF operates as a bank since 1996 and currently has total assets of USD 300 million and serves more than 500 SME clients. http://www.bancocmf.com.ar