BANCO PROMERICA S.A. (GUATEMALA)
Who is our client
Banco Promerica, S.A. (Promerica GT) started operating in 2007, following the acquisition of Bancasol, an institution founded in 1995. Promerica GT has since grown into a mid-sized universal bank, with total assets over USD 800mln. Promerica GT is part of the Promerica Group, a financial group of Nicaraguan origin which currently operates in 9 different countries across Latin America and the Caribbean. The group is a strategic partner of FMO.
The USD 20 million facility comprises a SME tranche (USD 10 million) and a Green tranche (USD 10 million). The SME tranche will enable Promerica GT to continue expanding its SME portfolio, a sector of increasing importance to the bank. As for the Green tranche, FMO’s funding and technical support will make Promerica GT a pioneer among Guatemalan banks in the provision of finance to green projects. The beneficiary projects will be in line with FMO’s green lending criteria.
Why we fund this project
Supporting SMEs and green projects in Guatemala contributes to FMO’s strategic goal to create jobs and reduce GHG emissions. This transaction forms part of the Promerica Group-wide green line approach, where FMO is providing dedicated financing facilities to 4 subsidiaries.
|Date||Total FMO financing|
|5/29/2017||USD 5.00 MLN|
- Latin America & The Caribbean
- Financial Institutions
- Signing date
- Total FMO financing
- USD 10.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C)