BANESCO BANCO MULTIPLE, 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
Banesco Banco Multiple (“Banesco”) established in 2011 is a private universal bank in the Dominican Republic providing diversified products and services to enterprises and individuals. By June 2020 it had total assets of USD 478mln, ranking #6 among universal banks in the country.
What is our funding objective?
The USD 12mln 5-year facility is to be on-lent to SMEs.
Why do we fund this investment?
This transaction fits FMO’s strategy of supporting decent work and economic growth. Banesco is an ideal partner for FMO to contribute to our target as SMEs are at the core of the bank’s strategy. By expanding its portfolio of long tenor loans to SMEs, our partnership with Banesco supports economic growth and job creation in the Dominican Republic.
What is the Environmental and Social categorization rationale?
Banesco is categorized as E&S risk C because of its loan portfolio (small average loan size, low exposure to high risk sectors and no financing of projects triggering IFC Performance Standards).
More investments
| Date | Total FMO financing |
|---|---|
| 12/5/2019 | USD 15.00 MLN |
- Website customer/investment
- https://banesco.com.do/
- Region
- Latin America & The Caribbean
- Country
- Dominican Republic
- Sector
- Financial Institutions
- Publication date
- 9/2/2020
- Effective date
- 11/20/2020
- Total FMO financing
- USD 12.00 MLN
- Funding
- FMO NV
-
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) - C