33236 - Itau Gender

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Summary of Investment Information

Project Number

33236

Company Name

ITAU UNIBANCO SA

Date SPI Disclosed

Feb 28, 2013

Country

Brazil

Region

Latin America and the Caribbean

Projected Board Date

Mar 28, 2013

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Apr 4, 2013
Signed : May 28, 2013
Invested : Jun 7, 2013

Sector

Commercial Banking - SME Finance

Project Description

The project consists of a new facility to Itaú Unibanco S.A. (“Itaú” or the “Bank”), the retail subsidiary of Itaú Unibanco Holdings (“IUH”). IUH is an existing partner to IFC and the largest private bank in Brazil. It offers a wide range of financial services including banking services to individuals, micro, small and medium enterprises (“SMEs“) through Itaú and large corporate clients through Banco Itaú BBA S.A.

The above project will support Itaú’s lending operations to SMEs located throughout Brazil, assisting the Bank to expand its credit portfolio to women-owned businesses, therefore promoting the financial inclusion of women entrepreneurs in the Country.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	100.0
Equity

Development Impact

1) The Project intends to increase the financial inclusion to women-owned enterprises and therefore their access to credit and overall economic power;
2) Increase access to finance to SMEs throughout Brazil;
3) The partnership of Itau and IFC is expected to have a demonstration effect of the business opportunity presented by women-owned enterprises as an under-served market in Brazil.

1) IFC will provide long-term funding to be channeled exclusively to women-owned entities;
2) IFC''s A Loan will be complemented by a B loan and Parallel structure which aims to address the scarcity of long term funding in local and foreign currencies;
3) The Project will broaden the potential investor base for the Bank and for the Project by complementing the A/B Loan structure with parallel loans from other Development Financial Institutions (DFIs).

E&S Category Rationale / Risks and Mitigation

The Project has been classified as Category FI-2 according to the IFC''s Environmental and Social Review Procedures. The proposed project involves the support to Itaú to enlarge presence in women owned small and medium businesses. Itau’s focuses only on Small and Medium Enterprises and currently represents approximately 20% of the group''s loan portfolio. Itaú’s portfolio does not present significant concentrations on higher E&S risk sectors and is composed mostly of short term financing. As part of the proposed investment, Itaú will be required to encompass screening against the IFC Exclusion List for Gender Inclusion sub projects.

The main E&S risks and impacts related to the Project derive both from the Bank’s capacity to continue implementing existing procedures to manage E&S risks as well as to maintain practices with regard to labor and working conditions. Itaú''s key SME portfolio risks are related to lending to medium E&S risks sectors such as Construction and Real Estate, Food and Beverages, Textile, automotive parts and transportation. The Bank has an E&S Management System since 2007 focused on E&S legal compliance, commitment and performance. Procedures and implementation map and manage key risks supported by an adequately trained E&S risk management team. Itaú’s HR policies, procedures and practices are in line with IFC’s Performance Standard 2: Labor and Working Conditions.


Task Description	Anticipated Completion Date
Enhancement of E&S Policy and procedures	Nine Months after Disbursement
Establish an enhanced ESMS including guidelines for the implementation	Nine Months after Disbursement

Contacts

For Inquiries About the Project, Contact

Roberto Emrich Soares
Banco Itaú BBA S.A.
Av. Brigadeiro Faria Lima, 3400 5th floor - 4538 132 São Paulo, SP Brazil
Tel: +55 11 3708 2665
Fax: + 55 11 3708 8275
Email: mailto:resoares@itaubba.com

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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