34886 - SAB SAS

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Summary of Investment Information

Project Number

34886

Company Name

SAB SAS

Date SPI Disclosed

Apr 30, 2014

Country

Middle East, Pakistan, and Afg Region

Region

Middle East

Projected Board Date

Aug 29, 2014

Environmental Category

C - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Equity Portfolio Management

Industry

Financial Markets

Previous Events

Approved : Sep 10, 2014
Signed : Mar 6, 2015
Invested : Mar 26, 2015

Sector

Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)

Project Description

SAB (“SAB” or the “Company”) is a group of companies which designs, integrates and maintains a highly customizable core banking software that is currently used by about 130 financial institutions in 25 countries. The Company was founded in 1989 with its main offices in France, Tunisia and Lebanon. The Company is continuing its international growth and is seeking to raise growth capital from IFC to finance its international expansion in Africa, the Middle East and Asia (the “Project”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	13.19

Development Impact

(i) Innovation: IT innovations developed by entities like SAB are designed to help financial intermediaries enhance risk control and transaction processing systems, increase productivity notably through automation and
customization of back to front office tasks, adapt to changes in market and regulatory environments, develop a
wider range of financial products and expand into new distant markets.
(ii) Job creation: SAB''s expansion and future hiring is expected to be essentially in emerging markets. In this
respect, IFC investment will help retain talent and highly skilled staff in emerging markets (Tunisia and Lebanon as well as other emerging markets where SAB plans to invest) increasing such countries'' economic growth
opportunities.
(iii) Enhanced credibility for SAB''s clients: By meeting international standards promoted by IFC, SAB''s clients''
credibility will be enhanced in both developed and developing countries.

(i) IFC''s stamp of approval: It will be the first time SAB partners with an institutional investor. This will enhance
the Company''s reputation in the market, especially in the context of its international expansion.
(ii) Political risk mitigation: SAB''s strategy is to expand in emerging markets. IFC can play an active role in
assisting SAB to support this expansion in view of its portfolio of financial institutions in emerging markets.
(iii) Securing international capital growth financing: SAB could be perceived as a French company while the
company is targeting growth in the emerging markets and as such bringing an international investor with a global
footprint is critical for them.
(iv) Best practices: As a shareholder in SAB, IFC will promote best practices in areas such as insurance, corporate
governance and E&S.

E&S Category Rationale / Risks and Mitigation

SAB plans to use leased spaces for its operations. So the main E&S risks for this project are in SAB''s management of human resources, and those risks are low. SAB will be required to improve its HR policies and procedures so they will comply with IFC Performance Standards. Based on the low level of E&S risk, the project has been classified as Category C according to IFC''s environmental and social review procedure.

Contacts

For Inquiries About the Project, Contact

Marie-Christine Serrot
Address : 36, Boulevard de Vincennes, 94120 Fontenay-sous-Bois, France
Tel : 00 33 1 43 94 94 01
Fax : 00 33 1 43 94 93 77
Email : mariechristinemailto:-serrot@sab2i.com
Website : http://www.sab2i.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.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

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Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

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Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose 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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