37622 - Lauca

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Summary of Investment Information

Project Number

37622

Company Name

Consorcio Financiero S.A.

Date SPI Disclosed

Apr 1, 2016

Country

Chile

Region

Latin America and the Caribbean

Projected Board Date

May 3, 2016

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Sep 14, 2025

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : May 12, 2016
Signed : May 27, 2016
Invested : Jun 28, 2016

Sector

Composite Insurance (Life and Non-life)

Project Description

The Project consists of an equity investment of approximately US$140 million in Consorcio Financiero S.A. (“Consorcio” or the “Holding”) to support the Holding’s growth in Chile and its regional expansion outside of its home market.

Consorcio is one of the leading financial groups in Chile with almost 100 years of existence. Consorcio is mainly formed by three insurance companies, (Consorcio Seguros de Vida, Consorcio Seguros Generales, and CNLife Seguros de Vida) and a bank (Banco Consorcio or the “Bank”).

Sponsor / Cost / Location

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

Development Impact

The Project will support a local financial player with deep roots in LAC, which is expected to diminish the volatility derived from large international investors entering and exiting the developing markets.

Furthermore, the Project will support the development of the insurance sector in Chile and the region. Increased insurance coverage allows households, companies and investors to assume more risk than would otherwise be possible on their own, while protecting productive assets and income. In addition, insurers deploy long-term funds into the economy, allowing for long-term fund accumulation, thus supporting economic development and infrastructure build-up. This is particularly relevant for insurers such as Consorcio with a strong life insurance business, which take on long-term liabilities to provide life coverage to their policyholders and therefore seek long-term assets to invest in.

Finally, part of the Project's funds will be used to support Consorcio's south-south expansion strategy. As the largest life insurance player in Chile, an advanced insurance market in the region, the Company is expected to bring capacity building to less developed insurance sectors in the region, strengthening these markets.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
CORE - E and S Management Systems (Y/N)	Compliance/Enhancement		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The Project will support Consorcio’s expansion both in the insurance and the banking business in Chile and in the Andean region. While the insurance branch centers its operations in personal services (98.4% - Life and Pension), Banco Consorcio focuses in corporate and large small and medium enterprise (“SME”) clients. The Bank’s portfolio is composed mostly of medium to low environmental and social (“E&S”) risk transactions, therefore the Project has been classified as Category FI-2, according to the IFC's Sustainability framework. However, some of the Bank’s exposures are in higher risk sectors such as energy, agro-forestry and infrastructure.

[

The key risks and impacts derive from Consorcio Group's capacity to implement a management system able to identify and manage the potential environmental and social risks associated to its investments and sub-projects. Under an existing IFC project, the Bank has an existing ESMS focused on Non-conventional Renewable Energy Projects, which is still in the implementation period. As part of the proposed project, the Bank will enhance its system to encompass all its credit activities and Consorcio Seguros will implement an ESMS focused on its asset management activities that are of higher E&S risk. Applicable requirements for the project are the IFC Performance Standards, Chilean Environmental and Social Laws and Regulations and the IFC Exclusion list, in addition to commitment to maintain Human Resources practices in line with IFC labor Standards (PS2). Risks may include but are not limited to: (i) air emissions, waste management, hazardous materials; (ii) OHS (occupational health and safety) risks such as process safety, gas releases, chemical hazards and fire and explosions; (iii) community issues such as land acquisition, health, safety and security; potential impacts on indigenous and other vulnerable communities; (iv) biodiversity conservation and stakeholder engagement.

]

Contacts

For Inquiries About the Project, Contact

Ignacio Ossa
CEO, Banco Consorcio
El Bosque Piso 7, Santiago
Telephone: + (562) 27871831

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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.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

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.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

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. 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.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Task Title & Description	Anticipated Completion Date
Nominate Officer for the Insurance branch	06/02/2016
ESMS enhancement and Staff training Plan for the Bank	07/05/2016
Establish an ESMS for all Insurance operations including guidelines for the implementation as well as capacity building program	07/05/2016
GroupÔÇÖs ESMS Implementation Report	04/01/2017

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Press-Release

Related Environmental Document

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