BANCO PROMERICA DE COSTA RICA S.A.
Status: Approved investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Banco Promerica de Costa Rica, S.A. is a universal bank in Costa Rica, owned by the Promerica Financial Group, a long standing client of FMO. Promerica is the 4th largest private bank in Costa Rica with total assets amounting to USD 1.6 bln.
What is our funding objective?
The USD 30 mln senior facility will be used by Promerica Costa Rica to finance green projects, particularly in the local construction sector.
Why do we fund this investment?
Given its strong financial performance, its high quality management team and its strong regional shareholder, Promerica Costa Rica is an attractive partner for FMO. On the other hand the construction sector is an ideal action field in the fight against environmental pollution and the effects of climate change. Through the senior loan, FMO contributes to its strategic goal of halving its footprint, as the projects financed with the proceeds of the loan will have a positive effect on the environment.
What is the Environmental and Social categorization rationale?
E&S category B, which is based on Promerica Costa Rica well-functioning ESMS in place for several years now and the underlying portfolio, which consists mainly of retail clients and corporate clients with a risk profile in line with the assigned classification.
More investments
| Date | Total FMO financing |
|---|---|
| 5/14/2020 | USD 10.00 MLN |
| 8/21/2023 | USD 5.00 MLN |
| 8/21/2023 | USD 15.00 MLN |
| 12/3/2023 | USD 15.00 MLN |
- Region
- Latin America & The Caribbean
- Country
- Costa Rica
- Sector
- Financial Institutions
- Publication date
- 4/5/2018
- Effective date
- 6/4/2019
- Total FMO financing
- USD 5.00 MLN
- Funding
- FMO NV
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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) - B